Chinese crackdown on tech giants show signs of easing; Alibaba, Baidu, JD.Com surge

The Chinese government is contemplating having a symposium with the nation's largest firms in tech and informing them of their decision to stop the regulatory crackdowns. The Labour Day holiday on the 30th of April is most likely to hold the symposium. The holiday runs till the 4th of May.

It is being reported that giants like ByteDance, Meituan, Tencent, and Alibaba are invited. JD.com gained 13.5%, while Baidu and Alibaba gained over 10% in premarket trading.

Other tech stocks in China, such as NetEase, DiDi Global, Kingsoft Cloud, Bilibili, and Pinduoduo, also rose on Friday. Beijing regulators are in talks with their counterparts in America to gain more information on how on-site audits can be allowed on the Chinese companies that are listed in New York.

Earlier in 2022, a move that might see Chinese companies get delisted in the United States of America took place by revising the confidentiality rules by the China Securities Regulatory Commission.

It is something that comes only a few days after the Cyberspace Administration of China stopped imposing fines and penalties. The government in Beijing thought that the fines and regulations were stringent enough.

The Central Cyberspace Administration in China said that it wants to start a special action for two months to stop the illegal content of short video and streaming sites. It comes as a crackdown on the streaming industry in China.

The government in China also allowed video game licenses since July 2021 and distributed a list of approved titles to the developers. It only shows that the crackdowns are easing down in China.