It listed its shares on June 30, raising cash from global investors and valuing the firm at US$68 billion (NZ$97.3b). China’s tech industry has been one of the most dynamic areas of the global economy in the past decade. Almost all the largest Chinese tech firms are listed in America or Hong Kong rather than the mainland. The government went on to threaten other tech firms and to humble tycoons, not least Jack Ma, the co-founder of Alibaba and founder of Ant. All governments worry about data privacy and monopolies, but China’s interventions signal a systematic attack on tech by the party.

Source: Stuff July 12, 2021 05:03 UTC