Skip to content
Subscriber Only

Jack Ma’s Double-Whammy Marks End of China Tech’s Golden Age

  • Coordinated moves suggest far broader and murkier constraints
  • From Tencent to Meituan, China Tech must tread carefully now
Video player cover image
WATCH: China ordered 34 internet firms to rectify their anti-competitive practices within the next month.(Source: Bloomberg)
Updated on

The full implications of Beijing’s rapid-fire moves against Jack Ma’s internet empire in recent days won’t be apparent for weeks, but one lesson is already clear: The glory days for China’s technology giants are over.

The country’s government imprinted its authority indelibly on the country’s technology industry in the span of a few days. In landmark announcements, it slapped a record $2.8 billion fine on Alibaba Group Holding Ltd. for abusing its market dominance, then ordered an overhaul of Ant Group Co. On Tuesday, regulators summoned 34 of the country’s largest companies from Tencent Holdings Ltd. to TikTok owner ByteDance Ltd., warning them “the red line of laws cannot be touched.”