Alibaba and Tencent were high-profile casualties as the central government stepped in to regulate free-wheeling tech firms with growing financial clout. To the relief of consumers and smaller competitors, exponential growth in the tech industry is over, tells Winston Ma, former managing director of the sovereign wealth firm China Investment Corporation (CIC) in New York to Reuters.
Reuters, quoting Winston Ma:
“The blockbuster IPO of Ant Group last November – and its suspension — was the tipping point that urged all relevant Chinese regulators to step up supervision of the major internet platforms. Now the comprehensive framework is being put in place, before the major platforms becoming “too big to regulate”.
“In short, the age of “exponential growth in the wilderness” for internet finance – and all cyber barons in various sectors — is over.”
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