About This Source - Bloomberg QuickTake: Now
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Bloomberg Quicktake: Now published this video item, entitled “China Presses Alibaba to Sell Media Assets As Beijing Cracks Down on Tech Giant” – below is their description.
The Chinese government wants Alibaba Group Holding Ltd. to sell some of its media assets because of growing concerns about the technology giant’s influence over public opinion in the country, according to a person familiar with the matter.
Jack Ma, Alibaba’s co-founder, has been at the center of a government crackdown that began last year, targeting the e-commerce giant and its finance affiliate Ant Group Co. Ma and Alibaba quietly built up a sprawling portfolio of media assets over the years, spanning BuzzFeed-style online outlets, newspapers, television-production companies, social-media and advertising assets. Alibaba has a major stake in the Twitter-like Weibo and Youku, one of China’s biggest streaming services, as well as other online and print news outlets, including the SCMP, the leading English-language newspaper in Hong Kong.
Beijing expressed misgivings about Alibaba’s media holdings during several meetings dating to last year, said the person, asking not to be identified because the discussions are private. Government officials are particularly upset about the company’s influence over social media in China and its role in an online scandal, involving one of its executives.
In addition, Alibaba’s UC Browser vanished from China’s largest app stores after state-backed broadcaster CCTV blasted the popular mobile browser along with other services for failing consumers.
Government-run China Central Television included the app among a number of brands it accused of flouting consumer rights in its annual name-and-shame program for March 15, World Consumer Rights Day. App stores run by Huawei Technologies Co. and Xiaomi Corp. were among the local app stores that’ve since pulled the app, though Apple Inc. continues to offer UCWeb for iOS users.Bloomberg Quicktake: Now YouTube Channel
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Apple Inc. is an American multinational technology company headquartered in Cupertino, California. It is considered one of the Big Tech technology companies, alongside Amazon, Google, Microsoft, and Facebook.
Well known products and services from the brand include the iPad tablet computer, AirPods wireless earbuds, iOS, iTunes, the Safari web browser, Apple Music, iCloud and Apple Pay.
Apple was founded by Steve Jobs, Steve Wozniak, and Ronald Wayne in April 1976. Apple went public in 1980. In August 2018, Apple became the first publicly traded U.S. company to be valued at over $1 trillion and just two years later in August 2020 became the first $2 trillion U.S. company.
The company employs 137,000 full-time employees and maintains 510 retail stores in 25 countries as of 2020.
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Beijing, China’s sprawling capital, has history stretching back 3 millennia. Yet it’s known as much for modern architecture as its ancient sites such as the grand Forbidden City complex, the imperial palace during the Ming and Qing dynasties.
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Hong Kong, officially the Hong Kong Special Administrative Region of the People’s Republic of China (HKSAR), is a metropolitan area and special administrative region of the People’s Republic of China on the eastern Pearl River Delta of the South China Sea. With over 7.5 million residents of various nationalities in a 1,104-square-kilometre (426 sq mi) territory, Hong Kong is one of the most densely populated places in the world.
Hong Kong became a colony of the British Empire after the Qing Empire ceded Hong Kong Island at the end of the First Opium War in 1842. The colony expanded to the Kowloon Peninsula in 1860 after the Second Opium War and was further extended when Britain obtained a 99-year lease of the New Territories in 1898. The whole territory was transferred to China in 1997. As a special administrative region, Hong Kong maintains separate governing and economic systems from that of mainland China under the principle of “one country, two systems”.
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Jack Ma, or Ma Yun, is a Chinese business magnate, investor and philanthropist. He is the co-founder and former executive chairman of Alibaba Group, a multinational technology conglomerate. Ma is a strong proponent of an open and market-driven economy.