China’s crackdown on Internet titan Alibaba ((BABA) – Get the report and its subsidiary Ant Financial Group should help the US tech sector, says Wedbush analyst Daniel Ives.
“In early November, pre-election investors discovered that Chinese tech stalwarts like Baidu ((BEGIN) – Get the report, Tencent ((TCEHY) , Alibaba, JD.com ((JD) – Get the report and others were well positioned to attract more investors given the complex global backdrop, ”Ives wrote in a comment Monday. “The fast forward to date and the delay in the IPO of Ant Financial and other regulatory measures are a big black eye for the Chinese technology sector and therefore cast a shadow over the room, with Alibaba in front and in the middle.”
Chinese regulators are investigating Alibaba on antitrust grounds, telling Ant to focus on payments. Alibaba owns 33% of Ant, the world’s largest financial technology company.
That means, “The momentum will again be a good sign for US tech stocks as the …
