- China’s top political advisory body looks to host a forum next week with some of the nation’s largest private-sector firms, including Baidu, Inc (NASDAQ:BIDU), Bloomberg reports.
- While the conference focused on developing China’s digital economy, investors will likely watch for a possible wind-down of its year-long crackdown on the tech sector after a regulatory turbulent 2021.
- Investors remained wary as they weighed a mixed bag of developments, including a restart of gaming approvals and a campaign to rein in the algorithms that internet companies employ to serve content and gather data.
- Beijing crackdown started with the cancellation of Ant Group Co’s IPO, followed by a curb on gaming time for minors, forcing companies from Alibaba Group Holding Limited (NYSE:BABA) and Meituan (OTC:MPNGY) to DiDi Global Inc (NYSE:DIDI) to alter core business practices.
- Shares of the companies ranging from Tencent Holding Ltd (OTC: TCEHY) to Jack Ma’s Alibaba surged on April 29 after China’s top leaders issued a sweeping set of pledges to boost economic stimulus.
- That rally proved short-lived partly due to the lack of concrete measures to prop up a sector that’s shed more than $1 trillion of value.
- The Chinese People’s Political Consultative Conference hosts the symposium next week with attendees ranging from the Cyberspace Administration of China and business executives, including Baidu founder Robin Li and possibly Vice Premier Liu He, President Xi Jinping’s top economic aide.
- Price Action: BABA shares traded lower by 2.83% at $79.42 on the last check Thursday.
