A grinding crackdown that wiped billions of dollars of value off Chinese technology companies is easing, but the once-freewheeling industry is bracing for much slower growth ahead.
HONG KONG—
“With the end of the zero-Covid policy, China is returning to prioritizing economic growth, and the technology sector is obviously a critical driver of growth in China and a celebrated source of innovation,” said Gregory Allen, a senior fellow in the Strategic Technologies Program at the US research organization Center for Strategic and International Studies.
Regulators said e-commerce giant Alibaba’s finance affiliate Ant Group can go ahead with plans to raise $1.5 billion for its consumer finance unit, an important step forward after the government called off a planned IPO two years ago and ordered the firm to restructure. Over the past two years, several founders of technology companies have stepped down as CEO or chairman of their respective firms—including Alibaba’s Jack Ma, JD.com’s Richard Liu, Bytedance’s Zhang Yiming and Pinduoduo’s Colin Huang.
The value of venture capital deals in China plunged 44 percent to $62.1 billion in the first 10 months of 2022 compared to the same period in 2021, according to research firm Preqin.
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