China’s Big Tech: From Free Development to Strict Regulation
... nearly 50% of their combined market capitalization. While in 2020, Tencent had larger capitalization than Facebook and most other American companies, today America’s Apple with its market value of $2.7 trillion exceeds the capitalizations of Tencent, Alibaba, Baidu, Meituan, JD.COM, and Pinduoduo combined. Following the start of the regulator’s probe into its activities, DiDi alone lost over 90% of its market capitalization. Generally, China’s tech sector lost its former foreign investor appeal....