Ongoing crypto pressures in China are related to perception

It is still light to call this a massacre.

Chinese stocks, which were listed in the US on July 23, collapsed as Beijing issued new regulations to combat educational technology companies that offer services such as tutoring. New Oriental, an institution where your correspondent spent most of his childhood in Beijing, fell 60% when the Sunday opened. Others saw Sunday ceilings drop by more than 50%.

The high-tech sector is not alone in this freefall. Large-scale Chinese internet companies have been in decline for several weeks. This week, Bing is also trying to explain why the Chinese government is suddenly hacking everything online—and how it can help us understand why the recent crypto crackdown is not about cryptography, but part of a much broader purge.

No one escaped.
US politicians have been complaining for years about wanting to deal with big technologies, but little has been done. While the Chinese government didn’t make much noise after deciding to show its strength, it killed all the internet giants in sight.

It began in April when the Chinese government decided to teach Jack Ma a lesson by killing the Ant Financial IPO.

In July, the situation worsened when Beijing Didi, a Chinese Uber, stopped registering new customers and threatened to remove its app from app stores. It comes two days after the company went public in the United States.

In a short time, other internet giants suffered a similar fate. Chinese antitrust regulators have ordered Tencent, a conglomerate that owns the notorious WeChat, to abandon its exclusive music licensing rights and fine it for previous abuses. The $ 78,000 fine was a slap in the face, but the gesture is clear and loud: nothing will be too big to fail.

Many moving parts
There are a large number of moving figures in recent editions for various sectors. Government logic is divided into three general categories:

Really bad things to clean up. Here” educational technology ” companies suffer

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