From Breakingviews: China's ‘livestreaming queen’ Viya was fined $210 million for tax evasion. Investors wiped up to 12% off Bilibili and Alibaba. The effect on the $300 billion influencer market suggests that underestimates the risk, says ywchen1
Internet celebrity Viya, whose real name is Huang Wei, was fined 1.34 billion yuan for tax offences in 2019 and 2020 including hiding personal income, according to a statement from the tax bureau in Hangzhou, a city in southern China, on Dec. 20.
Alibaba’s U.S. shares were down 5.8% on Dec. 20 to $115 following the news. Video app Bilibili’s stock fell 11.6% to $44.Participants take part in a skill test for live-streaming sale during a training session at a clothing market in Yiwu, Zhejiang province, China May 12, 2020. Picture taken May 12, 2020. China Daily via REUTERS ATTENTION EDITORS - THIS IMAGE WAS PROVIDED BY A THIRD PARTY. CHINA OUT.
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