{"id":291219,"date":"2021-07-05T17:10:47","date_gmt":"2021-07-05T14:10:47","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/china-cracks-down-on-homegrown-tech-companies-traded-in-us\/"},"modified":"2021-07-05T17:10:47","modified_gmt":"2021-07-05T14:10:47","slug":"china-cracks-down-on-homegrown-tech-companies-traded-in-us","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/china-cracks-down-on-homegrown-tech-companies-traded-in-us\/","title":{"rendered":"#China cracks down on homegrown tech companies traded in US"},"content":{"rendered":"

“#China cracks down on homegrown tech companies traded in US<\/strong>”<\/p>\n

\n

The Chinese government on Monday broadened its crackdown of the country\u2019s homegrown tech companies \u2014 targeting two more firms that recently started trading on US exchanges.<\/p>\n

The Cyberspace Administration of China announced <\/a>Monday that it\u2019s investigating two subsidiaries of\u00a0Full Truck Alliance\u00a0as well as an online recruiting app<\/a> owned by\u00a0Kanzhun. <\/p>\n

Full Truck Alliance, which has described itself as an Uber-like service for Chinese truckers, started trading on the New York Stock Exchange last month.<\/p>\n

Kanzhun, an online recruitment platform backed by Chinese tech giant Tencent, began trading on the Nasdaq about a week earlier. <\/p>\n

During the government\u2019s data-security investigation of the companies, they aren\u2019t allowed to register new users, the agency said in its announcement.<\/p>\n

The announcement is an extension of a broader crackdown that began last week, when the Chinese government announced a similar probe into ride-hailing giant Didi, which went public on the New York Stock Exchange just days earlier. <\/p>\n

The regulator alleged\u00a0Didi\u00a0had illegally collected personal data from its users.<\/p>\n

On Sunday, the Chinese government ordered Didi\u2019s app removed from app stores in the country, and Didi warned investors that the move could hurt revenue. <\/p>\n

The weekend\u2019s moves are the latest effort by Beijing to assert its authority over the company\u2019s increasingly powerful technology<\/a> sector. <\/p>\n

In April, Beijing hit e-commerce giant\u00a0Alibaba with a\u00a0$2.8 billion fine as a result of an anti-monopoly probe. Food-delivery giant Meituan also remains under a similar anti-monopoly investigation.<\/p>\n

With the US markets closed Monday for the Fourth of July holiday, shares of Full Truck Alliance and Kanzhun are yet to move on the news<\/a>, revealing investors\u2019 reactions. <\/p>\n

\"The
The ride-hailing app Didi is seen near other Chinese apps on a phone in Beijing on Monday, July 5, 2021.<\/figcaption>
AP Photo\/Ng Han Guan<\/span><\/figcaption><\/figure>\n

But with a wave of Chinese companies listing their shares on US exchanges in recent months, investors are likely to be leery of the Chinese government\u2019s authority over companies based in the country. <\/p>\n

In fact, before it went public, Full Truck Alliance shared that it was asked to share business details with Chinese regulators on issues ranging from user protection and pricing to competition. <\/p>\n

It warned that \u201cthere is no guarantee that such regulatory communications would not result in substantial penalties or orders\u201d that could affect the company\u2019s operations and growth.\n <\/p><\/div>\n

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Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

“#China cracks down on homegrown tech companies traded in US” The Chinese government on Monday broadened its crackdown of the country\u2019s homegrown tech companies \u2014 targeting two more firms that recently started trading on US exchanges. The Cyberspace Administration of China announced Monday that it\u2019s investigating two subsidiaries of\u00a0Full Truck Alliance\u00a0as well as an online…<\/p>\n","protected":false},"author":1,"featured_media":291220,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2021\/07\/didi-china-tech-02.jpg?quality=90&strip=all&w=1200","fifu_image_alt":"","footnotes":""},"categories":[70897],"tags":[111119,4973,70934,70359],"class_list":["post-291219","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-7-5-21","tag-china","tag-regulation","tag-stocks"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/291219","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=291219"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/291219\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/291220"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=291219"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=291219"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=291219"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}