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Hello readers,
The world works in funny ways. It’s hard enough to predict the outcome of an action, let alone its unintended consequences. Knock-on effects only really show up with time. Today, we bring into focus some of the unforeseen ramifications of China’s crackdown on its biggest tech companies – which has lasted for over a year now.
The campaign first grabbed global headlines when it brought Ant Group’s hotly anticipated IPO to a dramatic end in November 2020. The regulatory clampdown has only gathered steam since then as Beijing has stepped up scrutiny over everything from antitrust concerns to data security and wealth distribution.
While the crackdown has forever shifted the landscape of corporate China, it has also given birth to some rather unusual trends. For instance, affected tech companies have wandered into areas like agriculture, with ecommerce giants JD.com and Alibaba, and video game group NetEase dipping their toes into pig-farming.
However, intensifying regulatory headwinds in China have meant that Alibaba and Tencent have accelerated their investments in key Southeast Asian markets. In today’s premium story pick, we dissect and detail the investments China’s two biggest tech giants made in Southeast Asia last year.
Also, if you’re an entrepreneur looking for funding, fill out this form to get your company featured on our list of fundraising startups.
— Shravanth
The Big Story
Alibaba, Tencent’s SEA investment spree in 2021
Tencent joined 3x more funding rounds in 2021 than 2020, and the company and its rival Alibaba are increasingly playing ball with investors in SEA. Read more.
Trending news
1. Temasek buys UK tech firm at $7b valuation
Element provides testing, inspection, and certification services to clients across tech industries like aerospace and energy.
2. Ex-Gojek employee’s baby food startup scoops up $400k
Grouu said that it served more than 200,000 baby food portions in Jakarta last year.
3. Tencent axes 70 staff, bars 13 firms in anti-corruption investigation
Tencent has been conducting its anti-graft initiative since 2019, and it openly announces the results of its investigations, reported Reuters.
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