TECH - Alibaba and Tencent Lead Massive Investment Cutbacks Among Chinese Tech Giants | Benzinga
In 2023, China’s leading internet companies, including Alibaba Group Holding Ltd (NYSE:BABA), Tencent Holdings Ltd (OTC:TCEHY), and Baidu Inc (NASDAQ:BIDU), significantly reduced their external investments.
This cutback, nearly 40% to 102 deals, was driven by the economic slowdown, regulatory challenges, and geopolitical tensions.
Data from ITJuzi highlights that Tencent, a major player in China’s internet sector, saw the most substantial decrease in investment deals, dropping to 39 from 95 and 299 deals in 2022 and 2021, respectively, SCMP reports.
Baidu’s investment deals declined to 24 from 52 in 2021, while Alibaba participated in 39 deals, a significant drop from 91 in 2021.
This reduction in investments comes after a period of regulatory tightening in China, which began in 2021 to control the “disorderly ...