China has been on a 10-month tear, and not of the good kind.  The government’s  10-month campaign targeting China’s big tech companies is now turning to an even broader social agenda.

Quick history lesson – circa 1986 Deng Xiaoping, China’s forward thinking leader at the time declared:  “Let some people get rich first.”  This philosophy led to the growth of the tycoons and the super fast growth China has undergone since then.

Now, China, under President Xi, seems to be turning away from that philosophy towards “common prosperity for all,” per a Financial Times article.

Here is a list of the some of the biggest hits Big Tech has taken lately from the government:

• $37 billion IPO of Jack Ma's Ant Group canceled after Ma criticized the country's financial regulators.
   
• ride-hailing company Didi Chuxing placed under national security review and removed from Chinese app stores after it pursued a $4.4 billion listing in the U.S. before getting national security clearance.
   
• Three state entities linked to the country’s internet watchdog regulator took a 1% stake and a board seatat ByteDance, the Chinese subsidiary of TikTok in April per reporting from The Information a few days ago.

That last one is a doozy – it’s a direct move into the governing structure of the tech concern and could signal that the Chinese government may be seeking sweetheart deals (if you can call them that) and board seats at other tech companies. 

Easy peasy to share this story with your peeps