A few weeks ago, CNBC reported that Chinese and U.S. The reason is that the affected companies don’t currently adhere to some of the requirements specified in a piece of legislation called the Holding Foreign Companies Accountable Act.
regulators indicated that a number of U.S.-listed Chinese stocks could be delisted.
regulators are said to be making progress on a cooperation agreement related to Chinese tech firms listed in the U.S. Today’s report that the crackdown on tech giants will be paused comes as Chinese and U.S. As a result, fewer major regulatory changes are expected to be rolled out, though it’s believed that existing rules will remain in place. Beijing’s new priority is to support economic growth, the experts said. In February, several economists told CNBC that they believe the worst of China’s regulatory crackdown is over. Several other tech stocks including e-commerce giant Alibaba Group Holding Ltd. Shares of ByteDance jumped more than 10% at one point today. The plan is “likely to be expanded” to additional tech firms, the Journal reported. and Weibo Corp., which operates a popular Twitter-like social network. Those firms include TikTok operator ByteDance Ltd. The government has already taken a 1% stake in a number of local tech firms. Additionally, Beijing is reportedly considering pushing a number of major tech firms to “offer 1% equity stakes to the state and give the government a direct role in corporate decisions.” The development is reportedly believed to be a sign that officials “acknowledge the toll the regulations” have taken.Īs part of the reported move to pause the crackdown, regulators are expected to hold off on new rules designed to limit the amount of time that young people spend on mobile apps. The Journal today cited multiple sources as saying that China’s internet regulator, the Cyberspace Administration of China, will meet with leading tech firms next week to discuss the regulatory campaign. Regulators have issued multiple antitrust fines as part of the crackdown. The move has affected gig economy players such as food delivery providers, online education firms and others. Over the past year, China has rolled out an array of regulatory steps focused on the country’s leading technology companies. Google pulled its search engine out of mainland China in 2010 after the government began censoring search results and videos on YouTube.China is preparing to pause its regulatory crackdown on local tech giants, the Wall Street Journal reported today. It said at the time that expanding in China raises difficult questions because it will be required to censor content, but that it would be clear about how it conducts business in China and undertake extensive measures to protect members' rights and data. In 2014, LinkedIn launched a site in simplified Chinese, the written characters used on the mainland, to expand its reach in the country. Several scholars this year also reported getting warning letters from LinkedIn that they were sharing prohibited content that would not be made viewable in China but could still be seen by LinkedIn users elsewhere. LinkedIn in March said it would pause new member sign-ups on LinkedIn China because of unspecified regulatory issues.Ĭhina's internet watchdog in May said it had found LinkedIn as well as Microsoft's Bing search engine and about 100 other apps were engaged in improper collection and use of data and ordered them to fix the problem. LinkedIn will replace its localised platform in China with a new app called InJobs that has some of LinkedIn's career-networking features but will not include a social feed or the ability to share posts or articles. The company said in a blog post on Thursday it has faced a "significantly more challenging" operating environment and greater compliance requirements in China. Microsoft is shutting down its LinkedIn service in China later this year after internet rules were tightened by Beijing, the latest American tech giant to lessen its ties to the country.