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China to Stop its Tech Giants From Becoming Too Powerful

China to Stop its Tech Giants From Becoming Too Powerful
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Singles Day, a Black Friday-like shopping festival dreamed up by large retailers, is normally boom time for China’s major online platforms. And indeed Alibaba, which this year started its 11.11 event back on Nov. 1, claims a record $56 billion (RMB372 billion) of business, and sales coming in at up to 583,000 orders per second.

But China’s tech investors are doing anything but cheering. That’s because the mainland government Tuesday said that it is in the process of issuing…

To read more: https://variety.com/2020/biz/asia/china-to-stop-tech-giants-becoming-too-powerful-1234828964/

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