BEIJING : Fretting about unprecedented regulatory heat for China's tech sector, some companies are no longer waiting for any official reprimands that may or may not be forthcoming.
This year it quietly shut down its VIP services that promised fast-turnarounds for property sellers in exchange for exclusive listings and which had featured prominently on its popular Lianjia and Beike apps, two people familiar with the matter said. "Everyone is trying to get a clear read on the new normal and is resetting as fast as possible," said Jeffery Towson, host of the Asia Tech Strategy podcast and former professor of investment at Peking University. "Nobody is doing 'move fast and break things' anymore. Nobody is using their market power too aggressively. Everyone is aligning their strategies more closely with the government's priorities," he said.
A slew of antitrust probes have also been launched, fines imposed, including a record US$2.75 billion antitrust penalty for Alibaba Group Holding, while new guidance and regulations have been introduced or are in the works.
Regulatory fury?
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Source: ChannelNewsAsia - 🏆 6. / 66 Read more »