In this file:
· Alibaba freezes executive pay amid China’s curbs on big tech -sources
· After Alibaba, Tencent Set To Face Antitrust Fine In China: Report
· China Clips Big Tech’s Finance Wings With New Regulations
Alibaba freezes executive pay amid China’s curbs on big tech -sources
Apr 30, 2021
Chinese e-commerce giant Alibaba Group Holding has frozen pay for senior executives in 2021 and is instead giving junior staff bigger salary increases, sources said, in an effort to preserve its workforce amid a regulatory clampdown.
Hundreds of top-tier executives at Alibaba are not entitled to salary hikes this year, unless they performed extraordinarily, four sources familiar with the matter said.
The Hangzhou-based company, though, has offered considerable wage increases to junior staff, they said.
The pay moves mark a departure from the usual for Alibaba...
more, including links
After Alibaba, Tencent Set To Face Antitrust Fine In China: Report
Rachit Vats, Benzinga
April 29, 2021
Tencent Holdings ADR (Pink: TCEHY) could be slapped with a substantial fine as China’s regulators clamp down on the country’s internet giants, Reuters reported Thursday.
What Happened: According to the report, Chinese regulatory body State Administration of Market Regulation could slap a fine of at least $1.54 billion on Tencent, but it will likely be less than the record $2.8-billion penalty imposed on Alibaba earlier this month.
Billionaire Pony Ma-led Tencent faces the penalties related to probes on anticompetitive practices in some businesses...
China Clips Big Tech’s Finance Wings With New Regulations
April 29, 2021
Chinese regulators are handing down new laws that will restrict the finance operations of some of the country’s biggest technology firms, Bloomberg reported on Thursday (April 29).
Tencent, ByteDance, JD.com, Meituan and Didi are among 13 tech businesses in China that are being summoned to meet with the country’s central bank, as well as several watchdog agencies. New mandates include stricter compliance for global listings, limits on information monopolies and transparency on data gathering.
The restrictions are similar to those levied against Jack Ma’s Ant Group earlier this year after its initial public offering (IPO) was halted by Chinese regulators in December 2020.
“Nobody can escape the tough regulatory crackdown on FinTech,” said Zhang Xiaoxi, a Beijing-based analyst at Gavekal Dragonomics, per Bloomberg. “While the requirements are broadly in line with those imposed on Ant, those who are considering listing need to wait till they rectify all the problems.”
The new regulations indicate that the financial services divisions of Big Tech firms must be restructured as part of a larger scheme for stricter supervision...