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Beijing doubles tech data and overseas listed companies

 


Beijing continued its efforts to assert greater control over tech companies, continuing a campaign that rocked financial markets from New York to Shanghai.

In a wave of action on Friday, authorities summoned the nation’s biggest tech companies for a data security warning, pledged tighter oversight of overseas stock quotes and accused the companies of carpooling. anti-competitive behavior. The Ministry of Industry and Information Technology on Friday asked 25 of China’s largest internet and computer hardware companies, including Alibaba Group Holding Ltd. and Tencent Holdings Ltd., to conduct internal reviews and rectify issues ranging from data security to the protection of consumer rights.

Carpool companies under surveillance

In a separate statement, China’s transport ministry said authorities would tighten oversight of on-demand road transport and trucking companies, adding that some companies operate irregularly and disrupt fair competition.

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Politburo pledges support for economy


A Communist Party Politburo meeting chaired by President Xi Jinping did little to reassure investors that revisions tightening the state’s grip on sectors from private education to technology and real estate will slow down in the second half of the year.

Risk disclosures prompt US to freeze Chinese IPOs

Beijing’s crackdown prompted U.S. stock regulators to take action, according to Reuters. The Securities and Exchange Commission has stopped processing records of U.S. IPOs and other sales of securities by Chinese companies, the news agency reported, citing people familiar with the matter.

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