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Why China Is Cracking Down on Its Technology Giants: QuickTake

Aug. 2, 2021, 4:09 AM

China’s hands-off approach to the technology sector has minted billionaires and giant companies at a breathtaking pace. Now President Xi Jinping’s government is reining in the country’s most powerful corporations, including Alibaba Group Holding Ltd., Tencent Holdings Ltd and Didi Global Inc., along with their ultra-rich founders. The scrutiny is shaping up as one of the largest concerted actions against private enterprise in decades and raising the prospect that the leeway enjoyed by entrepreneurs like Jack Ma, founder of both Alibaba and the sprawling Ant Group Co., might be coming to an end.

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