From Breakingviews: China's tech giants will have to keep on giving, says ywchen1
and JD, has fallen another 38% this year. Covid-19 played a role, of course, but it must be tempting to hope the $1 billion fine the People's Bank of China is readying for Jack Ma’s Ant, according to a Reuters exclusive on Tuesday, will provide some relief for the industry.amendments on Tuesday to a law on unfair competition. It wants to formalise provisions for fines ranging as high as 5% of a firm's annual revenue to punish misbehaviour involving algorithms, data and the like.
Internet companies have also been on edge about President Xi Jinping’s wealth redistribution effort. JD Chair Richard Liu is taking no chances. After the company’s impressive adjusted net profit of 10 billion yuan last quarter, he announced on Tuesday that JD would slash the salary of some 2,000 executives by up to a fifth to aid lower-paid workers.
China's JD.com said on Nov. 22 that it will cut the salaries of more than 2,000 senior managers by 10% to 20% to help pay for improved benefits for “front-line” staff such as delivery workers, according to an email to staff from founder and Chair Richard Liu. The new policies will take effect on Jan. 1, 2023.
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