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Deepti Sri · · 1 min readTiger Global takes a hit due to China’s clampdown on tech giants
“After making a fortune in China for two decades, Tiger Global Management is taking a hit from the nation’s unexpectedly widespread regulatory crackdown,” reported Bloomberg.
Details:
- Tiger Global, which has active investments in about 36 companies based in either China or Hong Kong, has recently seen steep plunges in some of its largest bets in the country. However, a source with knowledge of the matter told Bloomberg that the company remains “bullish” on its investments in China in the long term.
- The investment firm held US$8.6 billion in American depositary receipts of Chinese companies as of March 31. These holdings have currently slipped to about US$6.4 billion, according to its filings.
Dive deeper:
- Investors backing Chinese companies that operate in sectors including technology and education are now keeping a close watch as Chinese authorities tighten scrutiny on private enterprises.
- Tiger Global has invested in Chinese firms including ByteDance, GaiaWorks, and 17 Education and Technology Group. Earlier this month, Didi Global’s US shares plunged 20% just hours after the country’s cyberspace regulator banned the ride-hailing giant from all app stores.
Editing by Collin Furtado and Arpit Nayak
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