Chinese Tech Giants

Asian shares rose on Friday, buoyed by news of possible progress for China and the United States to hammer out an audit deal, while traders anxiously awaited a speech from Federal Reserve Chair Jerome

It's likely to directly affect sales by HP Inc. and Dell Technologies Inc., the country's biggest PC brands after local champion Lenovo Group Ltd

Alarmed at the slowing tech and internet sector, China is now planning to further shift its policies to control domestic tech giants like Alibaba and Tencent, as the country battles Covid-19 lockdowns

The job cuts at the two companies would be their first major layoffs since Chinese regulators launched an unprecedented campaign a year-and-a-half ago to rein in its internet giants

It is rumoured in the Chinese social media platform Weibo that tech giants Alibaba and Tencent employees are expecting around 30 per cent job cuts

SAMR said the latest guidelines would "stop monopolistic behaviours in the platform economy and protect fair competition in the market."

It may present a model for other countries from Europe to Southeast Asia that seek to curtail the pervasiveness of apps like ByteDance's TikTok while safeguarding their citizens' valuable data.

Even with their new pre-eminence, Tencent and Alibaba face some daunting challenges