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Alibaba & Baidu are pressured to crack down on cloud-business fraud
Two of China's biggest and best-known Internet companies are facing more pressure from the government, this time over the practices of their cloud business units.
The Chinese Ministry of Industry and Information Technology said Tuesday it has told $Alibaba (BABA.US)$ and $Baidu (BIDU.US)$ that those companies need to do a better job of preventing telecom fraud after the ministry determined their cloud platforms had been used to gain access to fake and fraudulent websites. According to a report from Reuters, the ministry said Alibaba and Baidu must "earnestly fulfill their main responsibilities for network and information security."
Initial reaction to the Chinese government's latest moves was muted, as both Alibaba and Baidu edged into positive territory in pre-market trading, Tuesday.
Over the weekend, China's State Administration for Market Regulation levied fines equivalent to $78,000 on Alibaba, Baidu and several other companies for failing to disclose some acquisitions made over the past decade.
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Brandon Golden : In tomorrow's news, they'll be pressuring them to improve the food in their cafeterias...
Geminiasianboi : I could be well wrong, but I’m seeing these actions and lower per share prices as a good long term opportunity
IT farmer : As soon as Alibaba and co clean up for CCP it's going to absolutely crush the next decade
Marvan IT farmer : yup!
RjqRwaUMHM : Sadly they are destroying these companies. It’s not like the US where you get a new President in 4 years. Xi is there forever.
bAUwzKkxLL RjqRwaUMHM : As long as the other CCP members are happy. Trust me, this is how the things works there..
moonoooooo bAUwzKkxLL : so you say baba is doom ?
OH Mama bAUwzKkxLL : I don’t think in the current scenario other party members can speak their mind. Xi has consolidated too much power. The behavior of the Chinese government in 2021 is different than the last 6/7 years BABA has been public. Very hard to determine what they will do next.
Applepeople : Another day, another potential regulatory violation.
Turan No : Is Jack Ma still under house arrest?
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