Technology

Huge workforce reduction plan of Chinese giants

Impact of COVID-19 on economic growth and strict regulations from the government, Alibaba Group and Tencent Holdings will lay off thousands of their employees. Alibaba, China’s largest e-commerce company, is expected to lay off about 39,000 employees, accounting for 15% of the group’s total workforce. In addition, Tencent Holdings, the giant that owns the Chinese […]

Technology

China warns thousands of officials with close ties to Big Tech

The statement came two days after Hangzhou Party Secretary Zhou Jiangyong was detained for “serious violations of discipline”… China warned thousands of officials in Hangzhou – the city where many famous technology companies such as Alibaba’s e-commerce giant Jack Ma are located. The warning was accompanied by a request to remove any “conflicts of interest” […]

Technology

Jack Ma and Tencent boss lost tens of billions of dollars because of Beijing’s blow

Since the Chinese government launched a campaign to tighten control of the technology industry, the personal assets of Jack Ma and Tencent Chairman Pony Ma have plummeted. Follow Bloomberg Billionaires IndexPony Ma’s total assets decreased by nearly 14 billion USD since Jack Ma’s Ant Group canceled its initial public offering (IPO) in November 2020. Currently […]

Technology

Parent company TikTok prepares for a ‘war’ with Alibaba

ByteDance, a start-up company that has just recruited thousands of new employees, aims to expand its business, and has ambitions to surpass rivals Alibaba and JD.com. Zhang Yiming – the “father” of the platform TikTok is looking for great opportunities for ByteDance, targeting the value trade arena 1.7 trillion USD of China. The 38-year-old co-founder […]

Top Stories

China imposed $ 2.78 billion fine on Alibaba, launched investigation against the company last year

Shanghai: China’s regulators have fined the e-commerce giant Alibaba 18.2 billion yuan ($ 2.78 billion). The company has been fined for misusing market positions. The news agency Xinhua said that the Market Regulation Administration had assessed the fine after the Alibaba investigation began in December. According to Chinese regulators, Alibaba has violated anti-monopoly laws. Along […]

Technology

Jack Ma’s CEO Ant Group resigns

13/03/2021 09:39 GMT + 7 As one of the contributors to the founding of Ant Group, the departure of Ho Hieu Minh as CEO will create insurmountable losses for Alibaba’s financial sector. On the evening of March 12, Ant Group CEO Ho Hieu Minh suddenly posted an internal email saying he would resign as CEO […]