A Meituan food delivery courier in Beijing in April. Photo by Bloomberg.
The Briefing
Autonomous Vehicles Asia

China’s Tech Crackdown Rattles Investors

Photo: A Meituan food delivery courier in Beijing in April. Photo by Bloomberg.

American critics of U.S. tech giants must be looking a little enviously at how China is clamping down on its tech industry. On almost every issue that tech’s U.S. detractors have focused on—alleged antitrust breaches, data privacy and most recently, the rights of workers handling food delivery—the Chinese government has taken action against local tech firms. (The debate about online misinformation and censorship hasn’t come up much but then, China has long taken a different approach to that issue.)

Chinese tech investors are understandably jittery. New York-listed Alibaba shares have dropped 18% this year, even as the Nasdaq has appreciated 15%. Just today, after the government’s food delivery directives, shares of food delivery giant Meituan fell 14%. Meanwhile, the sudden ban on for-profit tutoring threatens investments made by everyone including Tencent, Alibaba, SoftBank, Tiger Global and Sequoia Capital China, as we noted today. TikTok-owner ByteDance had hired around 10,000 people to expand into the online education market, plans which are now under a cloud. 

Get access to exclusive coverage
Read deeply reported stories from the largest newsroom in tech.
Latest Articles
 
The Briefing Media/Telecom Enterprise
Barry Diller’s Puzzling Magazine Drive
Barry Diller. Photo by Bloomberg.
What is the fascination that internet billionaires have with print media? First Jeff Bezos buys The Washington Post, then Marc Benioff snaps up Time magazine. And now Barry Diller is in “advanced talks” to buy Meredith Corp., the company behind People, Better Homes and Gardens, Entertainment Weekly, among others, according to the Wall Street Journal. And as was the case with both Time and The...
Latest Briefs
 
Internal Robinhood Discussions Revealed in Court Filing
Huawei Finance Chief to be Freed After Deal with U.S. Prosecutors
China Bans All Cryptocurrency Transactions
Stay in the know
Receive a summary of the day's top tech news—distilled into one email.
Access on the go
View stories on our mobile app and tune into our weekly podcast.
Join live video Q&A’s
Deep-dive into topics like startups and autonomous vehicles with our top reporters and other executives.
Enjoy a clutter-free experience
Read without any banner ads.
Illustration by Haejin Park
Exclusive Google
How Google Spies on Its Employees
At Google, a seemingly innocuous action can earn an employee the attention of the company’s corporate security department.
Illustration by Josh Brill
Exclusive Venture Capital Startups
More Startup CEOs Are Moonlighting as VC Investors
Late last year, Lattice CEO Jack Altman started an unusual side gig for a startup founder: He raised $20 million from investors for a venture capital fund he was launching while continuing to run Lattice, the developer of human resource management software he co-founded six years ago.
The Athletic co-founder Alex Mather with The Information's Jessica Lessin in 2018. Photo by Erin Beach.
Exclusive Media/Telecom
The Athletic Hires LionTree to Find Buyer at Price of More Than $750 Million
If at first you don’t succeed, try, try again. That appears to be the motto of The Athletic in its efforts to sell itself.
Sarah Guo, a general partner at Greylock Partners. Photo by Bloomberg.
Exclusive Venture Capital Startups
Greylock Raises $500 Million in Battle for Seed Deals
Greylock Partners has raised $500 million to focus exclusively on seed deals, a pool of funds that will give the 56-year-old venture capital firm the ability to write large checks at “lean-in valuations” and emphasize its commitment to early-stage investing, said general partner Sarah Guo.
A high school student works on a laptop computer at home during a remote learning day. Photo by Bloomberg
Exclusive Venture Capital Startups
Online Learning Company Udemy Plans October IPO
Udemy, a San Francisco–based startup that sells online courses to individuals and businesses, is preparing to file paperwork for an initial public offering whose listing could come as soon as next month, according to two people with direct knowledge of the matter.
Data Point Startups Markets
What’s Hot and Cold in the SPAC Market
After a frenetic beginning to 2021, the special purpose acquisition company market has cooled off in recent months, with fewer SPACs filing to go public and many pre-deal shares trading below their $10 issue price.