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China Big Tech Hacks Back Investment, Expansion Plans – SCMP

Tencent, Baidu and Alibaba all slashed the number of deals they made in China’s tech sector last year with the big three agreeing 40% fewer contracts

A Tencent sign is seen at the World Internet Conference (WIC) in Wuzhen, Zhejiang province, China, October 20, 2019. REUTERS


China’s internet giants slashed their external investments programmes last year as the country’s economy continued to struggle with a post-Covid slowdown, the South China Morning Post reported.

International tensions and Beijing’s unrelenting regulatory crackdowns also took their toll as investment deals made by Alibaba, Tencent and Baidu plummeted by nearly 40% in 2023, the report went on citing data from ITJuzi.

China’s tech crackdowns took a lot of the blame, according to some observers, with the country’s internet giants, once on a par with their American rivals, basically pulling the plug on expansion as a result.

Read the full story: The South China Morning Post


  • By Sean O’Meara


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Sean O'Meara

Sean O'Meara is an Editor at Asia Financial. He has been a newspaper man for more than 30 years, working at local, regional and national titles in the UK as a writer, sub-editor, page designer and print editor. A football, cricket and rugby fan, he has a particular interest in sports finance.


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