Tag: regulatory

China’s regulator about to tighten the usage and collection of data by car companies
Politics

China’s regulator about to tighten the usage and collection of data by car companies

China’s Cyberspace regulator just issued a release that they are about to tighten the usage and collection of data by car companies. This will likely affect Tesla but also homegrown companies like Nio & Xpeng. You can read the release here : http://www.cac.gov.cn/2021-08/20/c_1631049984897667.htm ( use google translate) China's cyberspace regulator just released notice tightening the usage and collection of data by car makers effective on Oct 1, regulating smart car makers as internet companies. $TSLA $NIO $XPEV https://t.co/sBytCg4SU0— Junheng Li (@Junheng_Li) August 20, 2021 Source: https://wegoelectric.net/chinas-regulator-about-to-tighten-the-usage-and-collection-of-data-by-car-companies-such-as-tesla-nio/
Tencent donates $7.7bn for “common prosperity” during China tech clampdown
Tech

Tencent donates $7.7bn for “common prosperity” during China tech clampdown

Tencent has announced that it will set aside 50bn yuan ($7.7bn) for a “common prosperity” fund. The news comes one day after President Xi Jinping made common prosperity a key economic and social goal for China. It appears that Tencent is willing to adapt to China’s changing regulatory climate. According to the statement, the fund will integrate “Tencent’s digital and technological capabilities” to provide assistance in several areas, including the development of rural regions, low-income groups, primary medical assistance and grassroots education.” In April, the social media and gaming giant, under scrutiny from regulators, had already pledged 50bn yuan to promote “sustainable social value innovation”. In total, the company has now dedicated 100bn yuan for economic and social develo...
Didi announces first update of its ride-hailing app since Beijing ban
Politics, Tech

Didi announces first update of its ride-hailing app since Beijing ban

Didi Chuxing, whose main app was taken off app stores in China in early July at Beijing’s behest, said it has updated a billing function for drivers as previously promised. We see this as a sign that it is working on the app to meet the demands of regulators. This is the first update of the app since the company got forced out of the Chinese app stores a few weeks ago. The ride-hailing giant said in a statement on its official Weibo account on Monday that it has added a new feature to its driver app, which provides a detailed breakdown of a driver’s income for each ride and the share a driver earns from each passenger payment over a seven day period, to boost “transparency” in billing for drivers. This is the first time that Didi has made an announcement about its app since it was ...
China to order Tencent Music to give up music label exclusivity
Tech

China to order Tencent Music to give up music label exclusivity

No end in sight for regulatory problems in China. China's antitrust regulator is poised to order the music streaming arm of Tencent Holdings Ltd to give up exclusive rights to music labels, two people with direct knowledge of the matter said on Monday The penalty, plus a 500,000 yuan ($77,150) fine for misreporting the acquisition of two apps, is the culmination of an investigation by the State Administration of Market Regulation (SAMR) into Tencent Music Entertainment Group, China's dominant music streaming company, sources told Reuters. In April, Reuters reported that the regulator was preparing to fine Tencent Holdings as part of a sweeping antitrust clamp-down on the country's internet giants, with two people saying the company should expect a penalty of at least 10 billion yuan...
Chinese e-commerce platform Meicai to postpone US IPO plan
Ecommerce, Retail

Chinese e-commerce platform Meicai to postpone US IPO plan

As we all know there are a lot of regulatory issues at the moment with Chinese Companies. Meicai, an e-commerce platform that connects restaurants with suppliers of fresh produce, decided to postpone its plan for a US listing, according to people familiar with the situation. The move comes as Chinese regulators are investigation of Didi Chuxing and other internet companies’ data collection practices has rattled potential new companies that were planning to list in the USA. Beijing-based Meicai, which was valued at about US$6.4 billion after its last funding round in September 2018, has not yet publicly filed its draft prospectus, it made a confidential filing to the US regulator in May. The company will now withhold further filing and suspend marketing, the people said....
China Orders Stores to Remove 25 more Apps Operated by Didi
Business

China Orders Stores to Remove 25 more Apps Operated by Didi

The bad news just keep coming for Investors of Chinese ride hailing company Didi. China ordered mobile app stores to remove 25 more apps operated by Didi Global Inc.’s China arm. The government is saying that the apps illegally collect personal data. This is another escalation in its regulatory actions against the ride-hailing company. The apps newly targeted on Friday include Didi’s app for drivers offering rides through its platform, an app for corporate users and a financing app. On Sunday, the Cyberspace Administration of China ordered mobile stores to remove Didi’s main app in China. The cyber watchdog also banned websites and platforms from providing access to Didi-linked services in China, according to the watchdog’s statement. Users who had already downloaded Didi’s ...