Beijing's regulatory crackdown wipes $1.1 trillion off China's Big Tech

Beijing's regulatory crackdown wipes $1.1 trillion off China's Big Tech

FILE PHOTO: A sign of Antchain, the blockchain technology branch under Ant Group, is seen at Ant Group's booth during the World Artificial Intelligence Conference (WAIC) in Shanghai, China, July 8, 2021. REUTERS/Yilei Sun/File Photo

China’s major tech companies have shed more than $1 trillion in value — equivalent to the entire Dutch economy — since the government’s regulatory crackdown on the sector began more than two years ago, according to Refinitiv data.