Will Chinese internet companies beat Amazon and Facebook? – China’s latest business and technology news

Business & Technology

A summary of the top news in Chinese business and technology for August 17, 2017. Part of the daily SupChina newsletter, a convenient package of China’s business, political, and cultural news delivered to your inbox for free. Subscribe here.

“This year may finally be the year that global investors put Chinese internet companies alongside American giants like Facebook and Amazon,” Paul Mozur writes (paywall) in the New York Times.

The reason: record-breaking revenues of two companies, internet technology and social media leader Tencent and ecommerce behemoth Alibaba. Mozur notes that both have “valuations that hover around $400 billion,” while Amazon.com and Facebook stand only a little ahead at $470 billion and $490 billion, respectively.

Both Chinese giants have to deal with something their American competitors do not, however: censorship.

  • Tencent, along with other internet companies that run social media platforms, is facing a crackdown on content that authorities said violated cyber security laws, but is more likely politically motivated.
  • Alibaba’s Taobao and four other ecommerce platforms were instructed on August 17 to conduct “self-examination and correction” for allowing the sales of VPNs, Reuters reports.