In this photo illustration the Chinese technology firm Tencent logo seen on an Android mobile device with People’s Republic of China flag in the background.
Budrul Chukrut | SOPA Images | LightRocket | Getty Images
GUANGZHOU, China — Chinese technology giants are looking to make changes to their business models and working practices in order to preempt moves by regulators as authorities crackdown on the once free-wheeling sector.
In the past year, regulators have introduced new rules in areas from anti-monopoly for internet companies to data security, targeting large tech firms.
And punishment has come swiftly. Ant Group’s record-breaking initial public offering was pulled by regulators in November, while Alibaba was slapped with a $2.8 billion fine as a result of an anti-monopoly probe.
Ride-hailing giant Didi meanwhile, became the subject of a cybersecurity review days after its massive U.S. IPO. And China’s top cyberspace regulator ordered app stores this