![]() China unveiled a sweeping overhaul of its $110 billion EdTech sector, under which all institutions offering tuition on school curriculum will be registered as non-profit organisations. In June 2021, the “worst-case became a reality” for the Education sector. Later banned the company from taking on new customers and ordered mobile stores to remove its apps. Just days after Didi’s (China’s Uber) $4.4-billion initial public offering in the US, Chinese regulators announced they were reviewing the company on “national security grounds”, and started levying various penalties against it. Around $40 billion of its value was wiped out in a fortnight after China’s State Administration for Market Regulation (SAMR) opened an investigation into its “suspected monopolistic practices” and on the announcement of “new worker protection rules”.Ĭhinese Regulators were far from “done”, yet. That’s more than 10 Byju’s, India’s biggest startup, which is valued at $16.5 billion.įood delivery app, Meituan suffered a similar rout in April of this year. Tencent had $170 billion shaved off its value. ![]() Pony Ma, the Chairman, and CEO of Tencent, who “obediently” bowed down to the Chinese leadership, has lost even more money than the obstreperous Jack Ma in the recent crackdown. Leaders of top tech companies (also including ByteDance, the company that owns TikTok) were summoned before regulators and presumably berated. The government then embarked on an “antitrust” push, fining Tencent (China’s biggest social media company) and Baidu (one of the top Chinese internet companies) - for various past deals. Barely a day goes by without more news on the widening scope of Beijing’s crackdown on private enterprise. Since then, Canceled share sales, Ruined business models, Tech moguls brought to heel, became the new normal. The value of Ma’s business empire collapsed. The government levied a multi-billion dollar antitrust fine against Alibaba, deleted its popular web browser from app stores, and Jack Ma, the founder of e-commerce giant Alibaba, went out of the public eye for weeks. The investment in the San Francisco-based startup marks an increased push from the audio platform to extend its reach beyond China, where it wants to bring a Chinese-business model into the well-developed podcasting industry in the US and perhaps trial its in-app features.Days before Alibaba’s (which is sometimes compared to Amazon) subsidiary Ant Group was set to raise up to $34 billion in an IPO which would have been the world’s largest public offering, beating the $29.4-billion listing of Saudi Aramco in late 2019, the Chinese government effectively canceled the IPO of Ant Financial. The audio giant reports that it has 400 million app downloads and was valued at RMB 24 billion (around $3.4 billion) in August 2018, according to KrAsia. Why it’s important: This is Ximalaya FM’s first investment outside of China and one of its largest investments. Among the resources that Himalaya wants to integrate is a tipping feature that allows users to support shows with cash gifts, something that has long existed in Ximalaya FM’s app. However, from conversations TechNode had with Himalaya Media and Ximalaya staff in 2018, the actual relationship between the two companies is unclear. The startup will continue to operate independently but will have access to Ximalaya FM’s technology and resources, Himalaya Media told the Variety. What happened: China’s largest audio service platform Ximalaya FM has led a round of investment worth $100 million into San Francisco-based podcasting startup Himalaya Media. Ximalaya FM leads investment in Himalaya Media – Variety
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