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More Trouble Brews For Alibaba, TikTok And Others As China Intensify Livestream Crackdown

Author: Anusuya Lahiri | May 09, 2022 06:22am

  • China's ban on younger users from sending virtual gifts on Livestream platforms could hamper companies, including Alibaba Group Holding Limited (NYSE:BABA), TikTok parent ByteDance Ltd, and Kuaishou Technology (OTC:KSHTY), SCMP reports.
  • The government prohibited Livestream apps from providing minors with facilities for online transfers or virtual gift-purchase services.
  • In addition, the government also ordered platforms to stop providing Livestream feeds to minors after 10 p.m., Bloomberg reports.
  • Also Read: Alibaba Loses Live-Stream Shoppers To TikTok Popularized Short Videos
  • Recently the government hinted at ending a year-long crackdown on China's internet industry, the world's largest e-commerce market, creating technology giants like Alibaba and Tencent Holding Ltd (OTC:TCEHY). China pledged to support the healthy growth of platform companies amid Covid lockdowns.
  • Previously, young people could send virtual gifts or cash tokens to Livestream performers, with some platforms claiming a commission fee from the contributions.
  • The Chinese tech giants have started scaling back following the crackdown.
  • Price Action: BABA shares closed lower by 4.85% at $90.05 on Friday.

Posted In: BABA KSHTY TCEHY


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