This image shows the logo of the Chinese tech company Tencent on an Android mobile device with the flag of the People’s Republic of China in the background.
Budrul Chukrut | SOPA pictures | LightRakete | Getty Images
GUANGZHOU, China – Chinese tech giants want to change their business models and work practices to prevent regulatory action when authorities crack down on the once-free-running sector.
Over the past year, regulators introduced new rules in areas ranging from antimonopoly for internet businesses to data security and aimed at large tech companies.
And the punishment came quickly. Ant Group’s record-breaking IPO was withdrawn by regulators in November, while Alibaba was fined $ 2.8 billion for an anti-monopoly investigation.
Ride-hailing giant Didi, meanwhile, became the subject of a cybersecurity review days after its massive US IPO. And China’s leading cyberspace regulator ordered app stores this month to keep Didi from …