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WeChat suspends new user registration for security compliance

reuters.com

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Re: WeChat suspends new user registration for security compliance

#21

Post by sudosysgen »

mc32 wrote: post #16
throwaway4good wrote: post #2

"Shares in Tencent plunged 9.0% in Hong Kong on Tuesday amid widespread market jitters over Chinese regulatory crackdowns on high-growth sectors, including online platforms and, most recently, private tutoring. Hong Kong's benchmark Hang Seng Index (.HSI) fell 4.2%." Fascinating how the Chinese authorities seem to be regulating the these companies with complete disregard on how the stock market might react.

Naively, it looks like the CCP sees the influence and heft US tech exercises on the US population and world at large. The CCP will forgo economic might (in this sector) for social stability and control every time. They do not want these titans to have more power or influence than they have so they rein them in and let them know who holds the straps.

I don't think this is so naive. Jack Ma, for example, disappeared last year shortly after a speech where he called the finance regulators incompetent and tried to use his fortune to bypass them. What probably scared the Chinese government is that he got close to getting away with it. If I recall correctly, that was the flash point for the Chinese Big Tech crackdown.

Re: WeChat suspends new user registration for security compliance

#22

Post by elefanten »

malwarebytess wrote: post #10
throwaway4good wrote: post #2

"Shares in Tencent plunged 9.0% in Hong Kong on Tuesday amid widespread market jitters over Chinese regulatory crackdowns on high-growth sectors, including online platforms and, most recently, private tutoring. Hong Kong's benchmark Hang Seng Index (.HSI) fell 4.2%." Fascinating how the Chinese authorities seem to be regulating the these companies with complete disregard on how the stock market might react.

I think that may be part of the point. In matters of state, in China, markets react to policy not the other way around. In the west markets direct policy through a kind of indirect or virtual parliament. Whether China's approach is wise or not...I don't know.

What examples do you have of this "indirect parliament" effect?

Yes various interests lobby the government all the time. But what are the best/clearest examples of the market tail wagging the policy dog?.

Re: WeChat suspends new user registration for security compliance

#23

Post by vehemenz »

mc32 wrote: post #16
throwaway4good wrote: post #2

"Shares in Tencent plunged 9.0% in Hong Kong on Tuesday amid widespread market jitters over Chinese regulatory crackdowns on high-growth sectors, including online platforms and, most recently, private tutoring. Hong Kong's benchmark Hang Seng Index (.HSI) fell 4.2%." Fascinating how the Chinese authorities seem to be regulating the these companies with complete disregard on how the stock market might react.

Naively, it looks like the CCP sees the influence and heft US tech exercises on the US population and world at large. The CCP will forgo economic might (in this sector) for social stability and control every time. They do not want these titans to have more power or influence than they have so they rein them in and let them know who holds the straps.

The problem is that the CCP has nothing to replace this cultural vacuum with. They want to legislate a return to "old" (post 1949) values by banning foreign tutors, suppressing dissent on WeChat and Weibo, and doing generally authoritarian shit to encourage nationalism. Meanwhile, young, educated people almost exclusively consume the cultural products of the West, Korea, and Japan. And they find the North Korean style propaganda embarrassing. The disconnect really cannot be understated.

Re: WeChat suspends new user registration for security compliance

#24

Post by [deleted] »

paganel wrote: post #9
itake wrote: post #5

Earlier quoted context omitted.

yeah, I wonder if they do it b/c: 1. the og investors cashed out. leaving retail holding the bag. 2. they buy the stock at a discount

Don't think the Chinese government cares about purchasing any Chinese company's stock at a discount, if the need arises they can of course nationalise it almost on the spot.

[deleted]

Re: WeChat suspends new user registration for security compliance

#25

Post by varispeed »

throwaway4good wrote: post #2

"Shares in Tencent plunged 9.0% in Hong Kong on Tuesday amid widespread market jitters over Chinese regulatory crackdowns on high-growth sectors, including online platforms and, most recently, private tutoring. Hong Kong's benchmark Hang Seng Index (.HSI) fell 4.2%." Fascinating how the Chinese authorities seem to be regulating the these companies with complete disregard on how the stock market might react.

> on how the stock market might react.

The stock market is just a facade, a theatre, to appear to the West that Chinese economy is somewhat legitimate. In reality everything is in CPC hands and all these companies only appear to be private.

Re: WeChat suspends new user registration for security compliance

#26

Post by mc32 »

vehemenz wrote: post #23
mc32 wrote: post #16

Earlier quoted context omitted.

Naively, it looks like the CCP sees the influence and heft US tech exercises on the US population and world at large. The CCP will forgo economic might (in this sector) for social stability and control every time. They do not want these titans to have more power or influence than they have so they rein them in and let them know who holds the straps.

The problem is that the CCP has nothing to replace this cultural vacuum with. They want to legislate a return to "old" (post 1949) values by banning foreign tutors, suppressing dissent on WeChat and Weibo, and doing generally authoritarian shit to encourage nationalism. Meanwhile, young, educated people almost exclusively consume the cultural products of the West, Korea, and Japan. And they find the North Korean styl…

I'm sure this is one aspect of it. They surely don't want "foreign decadence" to influence their youth --which is part of losing control over narrative.

It's kind of typical socialist thinking that you can have forever revolutionary songs and chants, forever reconstruction and forever community activism (for the party of course). Obviously, that can work in tightly controlled environments such as North Korea, and it looks like they are taking some of that social control back so they can better dictate what they population should do (for its own good as they see it, obviously).

Re: WeChat suspends new user registration for security compliance

#27

Post by [deleted] »

paganel wrote: post #6
throwaway4good wrote: post #2

"Shares in Tencent plunged 9.0% in Hong Kong on Tuesday amid widespread market jitters over Chinese regulatory crackdowns on high-growth sectors, including online platforms and, most recently, private tutoring. Hong Kong's benchmark Hang Seng Index (.HSI) fell 4.2%." Fascinating how the Chinese authorities seem to be regulating the these companies with complete disregard on how the stock market might react.

> with complete disregard on how the stock market might react. I personally regard this as a positive fact, and I'm generally against the policies of the current Chinese authorities. The stock market should not be the be-all and end-all of our modern society.

[deleted]

Re: WeChat suspends new user registration for security compliance

#28

Post by systemvoltage »

sudosysgen wrote: post #21
mc32 wrote: post #16

Earlier quoted context omitted.

Naively, it looks like the CCP sees the influence and heft US tech exercises on the US population and world at large. The CCP will forgo economic might (in this sector) for social stability and control every time. They do not want these titans to have more power or influence than they have so they rein them in and let them know who holds the straps.

I don't think this is so naive. Jack Ma, for example, disappeared last year shortly after a speech where he called the finance regulators incompetent and tried to use his fortune to bypass them. What probably scared the Chinese government is that he got close to getting away with it. If I recall correctly, that was the flash point for the Chinese Big Tech crackdown.

You have it backwards. Jack Ma was scared and emerged in a video tape out of nowhere. Why would CCP be scared? That doesn’t make any sense.

Re: WeChat suspends new user registration for security compliance

#29

Post by eric-hu »

xwolfi wrote: post #19
paganel wrote: post #15

Earlier quoted context omitted.

> retail investor trusting your savings to the success of modern Chinese companies. To be fair retail investors shouldn't do that with their savings anyway (I mean, savings meant for old age or for the children's education).

.

I'm not sure why your comments were flagged. They were not only reasonable, but pretty informative to me.
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