HONG KONG : China's major tech companies have shed more than $1 trillion in value -equivalent to the entire Dutch economy - since the government's regulatory crackdown on the sector began more than two years ago, according to Refinitiv data.
The central bank said on Friday most of the main problems for platform companies' financial businesses had been rectified, and regulators would shift their focus to the industry as a whole rather than specific companies. Analysts pinpoint the shelving of Alibaba affiliate Ant Group's $37 billion initial public offering in November 2020 as the start of a sweeping regulatory crackdown on mainland China's tech firms, which had grown rapidly in size and influence.
Share prices for the five companies have plunged between 40.4 per cent and 71 per cent during that time.