The regulator said it put the suspension in place to “prevent the expansion of risk” during a “cybersecurity review,” but provided no details on why the probe was launched.ĭays later, the internet watchdog proposed that any company with data on more than 1 million users must seek the agency’s approval before listing its shares overseas.
WECHAT REGISTRATION REGISTRATION
Shares in New Oriental Education & Technology Group, China's largest private-education provider, plunged by nearly 50% in Hong Kong on Monday.Ĭhina's private education firms are the latest targets of Beijing's crackdownĮarlier this month, China’s Cyberspace Administration suspended the registration of new users from ride-hailing app Didi, torpedoing the company’s stock just two days after its blockbuster New York IPO, which was the biggest US share offering by a Chinese company since Alibaba debuted in 2014. Meituan closed nearly 18% lower in Hong Kong on Tuesday - eclipsing Monday’s 14% loss - after Chinese regulators issued new guidelines calling for improved standards for food delivery workers. (TCEHY) and food delivery platform Meituan have all taken a hammering this week. The share prices of Chinese tech companies, including Alibaba, Tencent Chinese President Xi Jinping has endorsed the probes, calling on regulators to scrutinize tech companies as the country tightens data privacy and security policies. (BABA), have faced investigations for alleged monopolistic behavior or breaches of customer rights, leading to record fines and massive overhauls. Several tech companies, including e-commerce giant Alibaba Tencent’s stock in Hong Kong closed down nearly 9% on Tuesday, its worst day in a decade. It was not immediately clear which laws WeChat was referring to in its announcement, but the development comes amid a widening crackdown on technology and now education companies by Chinese regulators that has spooked investors. Together, Weixin and WeChat, used by the Chinese diaspora including in the United States, have around 1.2 billion monthly active users. Weixin is a daily necessity for hundreds of millions of people in China, who use the app to message friends, share photos, hail rides, pay for stuff, book restaurants, order food and a host of other services.
WECHAT REGISTRATION UPGRADE
New registrations will resume after the upgrade is completed, which is expected in early August, the company said. “In the meantime, the registration of new WeChat personal accounts and public accounts will be temporarily suspended,” the app, which is owned by Chinese tech giant Tencent That's terrible news for some of its biggest tech companies Wu Hong/EPA-EFE/ShutterstockĬhina is cracking down on data privacy. A logo of ride-hailing giant Didi Chuxing is seen on Didi Chuxing's building in Beijing, China, on July 3.
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