China signalled an easing of its crackdown on the once-freewheeling tech sector on Friday as President Xi Jinping seeks to bolster the economy in the face of growth-sapping COVID-19 lockdowns, sending shares in online heavyweights surging.
Authorities are seeking to reassure the corporate executives about the current regulatory environment and encourage them to continue to develop their business, one source told Reuters.
But the crackdowns on e-commerce, private education and the property sector have exacted an economic toll and, since the beginning of the year, China has loosened some of the measures to help an economy wrestling with strict COVID-19 lockdowns. The U.S. securities regulator's move to identify Chinese firms likely to be delisted from New York for not meeting auditing requirements has pushed more fund managers to exit their holdings and dimmed the prospect for new listings.
"For now, we might see the regulatory crackdown wrapping up as earlier policies take effect while the economy looks for growth," he said, adding that investors are anxiously awaiting regulatory actions to reassure the investment outlook for China, particularly a clarified set of overseas listing rules.
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