The climate is cooling rapidly for China’s tech giants.
After years of warily allowing companies such as Alibaba and Tencent the freedom to grow without significant interference, Beijing has signalled it does not like how Big Tech is behaving.
Last week, Chinese tech stocks lost hundreds of billions of dollars in value, with Alibaba falling 12 per cent in Hong Kong, after the release of new antitrust guidelines for the sector and analysts predicted that pain was on the way.
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