2021 will be remembered as the year China cracked down on Big Tech.
- The momentum began late last year when the Chinese government passed new antitrust guidelines curbing the growth of national giants Alibaba, Ant Group, and Tencent following years of a more laissez faire approach.
- China then intervened to block Ant’s potential record-breaking $34 billion IPO.
- In April 2021, it fined Alibaba $2.8 billion for alleged anticompetitive practices.
- In the same month, officials issued a warning to 34 of China’s largest internet companies, demanding they cease monopolist practices or face a similar fate to Alibaba.