china may be required to behave more like a traditional bank instead of the tech company and for ali baba and tense that the media accepts like south china morning post chinese twitter way people and other media presence are seen through us through the chinese communist party and its very powerful propaganda parrots us so the chinese government will want the big companies to sell them but where will that leave companies like 10 centimeters wiped off of something tons of money from their market value it is china's biggest take company one of the biggest ones certainly with a 1000000000 users on its reach it messaging platform it's huge what's going to happen to it. tencent is a bit different assuming mention the gambian as one of its most profitable businesses. it also has investment in music and movies so compare with that and group is less aggressive in ally financial services so the tighter financial regulation is less devastating for a 10 cent then 4 and group it may be required to set up a separate holding companies but it will survive. investors don't like too much state intervention

and life science his departure comes as the company's annual use of basis of past is that of rival ali baba. work culture has also been criticised following the death of 2 employees. and that's what i'd like to talk about now with cliff a coup now and. very old china expert who joins me in the studio not everybody is familiar with the in china very popular. compass. what do we need to know about it well it's a giant e-commerce company in some ways very similar to what differentiates it is that it takes a lot of group borders so people get discounts for group orders and it's also very focused on live projects so it has it's trying to become china's biggest grocery company as well so it's another one of these monster sized chinese check companies . what's interesting now is that these tech companies are very much in the sights of the government exactly we've seen in recent last month can do a was was hit with a fine for and you trust behavior very similar to the kind of pressure that's been put on ali baba and i think with column one today resigning i think this is assigned up to the age of t

to work damn i don't believe it'll it'll die completely these companies in expression too big to ali baba in the 10 cent or have been dominating the new tech economy of china they became so powerful through firms like and financial which only ali baba they were sucking up 30 to 40 percent of global savings out of the system so it was just a myth just america if he started buying up media the basic any new type of start up comes up they buy it so these companies just became much much too powerful and now china's was forced to after the baby and system you know be virtually got put in it and financially they had to do something so they're trying to create a balance now as we speak there one thing it doesn't make any sense to me is that they abided ministration saying hey china is time to outcompete us or what and instead unleashing american life a new ours in america looks like america is going to follow china and censoring big tech. like doesn't it if america wants me america should may not follow china in the censoring crackdown band yeah we have i mean we're going to have to get our own

the next day, if you check the website ali baba, the amazon equivalent in china, there were merchandise selling printing those words coming from the official's mouth. it is appearing tonight -- appealing to nationalism. as much as western nations are criticizing the chinese regime, the chinese president is still tremendously popular. host: we've got fran in annapolis, maryland. guest: i am scared of china. -- caller: i am scared of china. they are large and powerful, and we are complacent. people say we are afraid of russia and this and that, but if they open their eyes and pay more attention to china. guest: i agree. i think engagement -- what u.s. policymakers and the american public have overlooked is engagement could enhance the practices we consider undesirable. forced labor. you would think that trade, when we think back to china's acceptance into wto, many people thought that trading with china would change their minds because that would open them up to how -- works in the western world. what actually happened was that china has been having forced labor for a long time. in the ol

top chinese tech companies like ali baba and judy dot com are well known around the world but it. has been driven in large part by industry wide culture of working long hours called the 196 walk up to 12 hours a day from 9 am to 9 pm 6 days a week and it's tiring. it's the start of a new working day for shall hang that he feels tired is nothing new like others on their commute the icy work and knows there's no let up in his job. usually my shift starts at $9.00 and 8 in the evening the working day is 11 hours with one hour lunch break it's been coined the 996 working week 9 am till 9 pm 6 days per week a total of 72 hours tech companies in china expects this level of dedication as they need to compete with rivals and return employees often highly educated program is a comparatively well paying. job that most of us put up with this because we want to earn money. but there is growing pushback against the system which critics say contravenes chinese labor law this and $109006.00 websites is clear where workers were end up in i.c.u. intensive care in recent weeks the deaths of 2 emplo

group china may require to behave more like a traditional bank instead of the tech company and for ali baba and 10 cent their media accepts like south china morning post chinese twitter wave pool and other media presence are seen through us through the chinese communist party and it's very powerful propaganda parrot so the chinese government will want the big companies to sell them but where will that leave companies like 10 centimeters wiped out for something thomas of money from their market value it is china's biggest take company one of the biggest ones certainly with a 1000000000 users on its reach it messaging platform it's huge what's going to happen to it tends that is a bit different and again in as one of its most profitable businesses. it also has investment in music and movies so compare with that and group is less aggressive in our life financial services so the tighter financial regulation is less that is dating for a 10 cent then 4 and group it may be required to set up a separate holding companies but it will survive. investors don't like too much state intervention could ba

products from their online stores be include ali baba and j.d. dot com and dozens of chinese celebrities have cut ties in terminated contracts with the bronze one of them wrote the country's interests are above all and the lists is growing with state backed newspaper china daily naming more companies that vowed to stop buying cotton from ching john spoke to richard mcgregor who's a senior fellow at the know institute he says western brands are not willing to take a political stand if it means losing business in china. first time we've had sort of state lead consumer boycotts in china against japanese south korean goods in the past but i feel it's different this time for a number of reasons this is an explicit response to western sanctions against china and. this case which of course is something that's going to be happened more happening more and of course china is a much more important market for western brands i think h. and m. sweeney still had about 550 outlets in china enough that these companies china is the growth market so it's a real thr

chinese tech companies like ali baba and judy dot com are well known around the world but meteoric rise has been driven in large part by an industry wide culture of walking along. the 196 walk ons up to 12 hours a day from 9 am to 9 pm 6 days a week and it's tiring. it's the start of a new working day for shall hand that he feels tired is nothing new like others on their commute the icy work and knows there's no let up in his job. usually my shift starts at 9 and ends 8 in the evening the working day is 11 hours with one hour lunch break it's been coined the 996 working week 9 am till 9 pm 6 days per week a total of 72 hours tech companies in china expects this level of dedication as they pick to compete with rivals and return employees often highly educated program is a comparatively well paid. job that most of us put up with this because we want to earn money. but there is growing pushback against the system which critics say contravenes chinese labor law this and $19096.00 website is clear where workers were end up in i.c.u. intensive care in recent weeks the deaths of 2 employees at

it was the largest initial public offering from an asian company since ali baba went public 7 years ago kupang had priced $130000000.00 shares in the i.p.o. at $35.00 each but investors were in a bullish mood and sent the stocks soaring 81 percent to open at 6350 on the new york exchange. kupang operates an online marketplace that sells everything from fresh groceries to toys and runs a food delivery app as well founded in 2010 by korean american billionaire boehm silk kupang rose to prominence after launching its guaranteed same day or next day delivery service in south korea since it opened up shop kupang as revenues have risen exponentially in 2016 the company brought in $1700000000.00 and since then has almost doubled its business every year in 2022 pangs net sales jumped 91 percent year on year to $12000000000.00 couponing spectacular debut further bolsters the recent fortunes of soft banks vision fund which owns around 35 percent of kupang goldman sachs ellen and co j.p. morgan and citi group are the lead underwriters for kupang as i.p.o. which is shaping up to be the biggest in t

you could see the lives ali baba hit very badly by those, the crackdown by officials and regulators.ert li doesn't see it as a target on his back. he thinks the crackdown on tech monopolies will be beneficial for competition. clearly that's a headwind potential ifly for this company. annmarie: tom mckenzie on the ground there with the interview with baidu's chief executive officer. just ahead, the lira tumbles, what's in store for the fourth central bank governor in less than two years? that conversation next. this is bloomberg. ♪ ♪ annmarie: good morning. from bloomberg's european headquarters, 6:30 p.m. in london -- a.m. in london. this is "bloomberg daybreak: europe." stocks traded to the downside i had a key event stateside. testimony from jerome powell and janet yellen are on the docket. chancellor merkel puts germany into a hard eastern lockdown amid a surge in covid cases. she cause the situation "very serious." we hear from baidu's ceo on a big homecoming as china's largest internet search firm debuts in hong kong. very good morning to you. 90 minutes away from the start of e

came to shenzhen to learn how to innovate and i met corporate layers from intel to microsoft and ali baba that invested in what was celebrated as china's unique innovation echo system. and so this earlier vision to -- you asked me escape or push back against these stereotypes but chineseness as opposed with lacking innovation, was suddenly taken up and reformulated on a much broader station and then in 2015 when the government, the chinese government, began turning to these ideas itself. we can talk about that more later. >> sure. it's really interesting because i think for so lock as you were saying earlier this, idea that china lacked innovation and there was a certain amount of disparagement in many foreign countries about china's copycat nation or a manufacturing hub but when you have the government trying to foster innovation or sue see this culture of innovation starting to emerge you get the anywhere tv of china as a technological threat, and we now have in the united states certainly this positioning of a new technological cold war between the united states and china. think that n

jack ma is no longer china's richest man the ali baba group finder has not slipped to 4th on the room global rich list montezuma needs have been under scrutiny from chinese regulators who counseled groups i.p.o. last november. 2 americans accused of helping former nissen chairman carlos ghosn flee japan have been extradited and arrived in japan the 2 men are accused of helping go and evade authorities while he was waiting trial for alleged financial misconduct. video conferencing out expecting growth of 40 percent during 2021 despite the prospect of lockdowns ending the surge in remote working brought about by the pandemic sent company's sales rocketing almost 5 fold last year. the citizens will have a so-called right to repair as of march when a new law will require sellers of refrigerators washers hair dryers and t.v.'s to ensure their appliances and be fixed for up to 10 years the law aims to reduce the vast quantity of global electrical waste. after months of lockdown some european attractions are gradually reopening their doors in the italian city of genoa the local aquarium is n

judge, is it time down on jv.com, ali baba, tencent, google, netflix, amazon, or is it a show called "lost in space" >> here is where i think the environment is right now, jim, no bs. i had somebody on an nfl coaching staff yesterday who is on his way down to one of the pro days ask me via text where i think the nasdaq is going and those kathy wood type stocks because they're invested in those names. i thicnk the broader environment --i use the exampl to say -- >> was it jet. >> >> it was not there are a lot of people invested in those names. they've been the glamour names, the popular names, the retail names. all have had huge pull back. month to date the telodocs are down 18%, roku, 18, spotify 12%, z scaler at 16%, docusign at 10%, crowdstrike at 15%. i bring it up to what do you tell the person speaking for a larger cohort, right so voice of a larger group of people who want to know where the stocks are going in the next quarter? are they dead, do i need to rotate and put my money elsewhere? >> i don't think they're dead. i would be a buyer of most of those names, and i want reit

raising $4.5 billion, $60 billion valuation, the largest foreign company to list in new york since ali babawhat it was worth three years ago but a great day to go public, there's a lot of investor interest and technology names are getting a lot of physical yesterday we had robblocks and now coupang closer to 100%. do you think the ipo process needs to be worked out here? if you're making 100% for wall street funds instead of the employees that should be getting most of these gains, that is why people prefer that model instead. stuart: i am not sure i can make a comment but i will say this. coupang allows you to order something until 12:00 midnight and you get it at 7:00 in the morning. that is quite a performance. >> you can get it earlier than that because it is 24 hours. stuart: it is pretty good anyway you slice it. i've got to move on but listen to this. i love this movie line. just watch it. >> all right all right all right. how are you doing? stuart: that was written for me. i'm not sure i really love that but that is the line. matthew mcconaughey could soon be saying -- i'm not going

the next day, if you check the website ali baba, the amazon equivalent in china, there were merchandiserinting those words coming from the official's mouth. it is appearing tonight -- appealing to nationalism. as much as western nations are criticizing the chinese regime, the chinese president is still tremendously popular. host: we've got fran in annapolis, maryland. guest: i am scared of china. -- caller: i am scared of china. they are large and powerful, and we are complacent. people say we are afraid of russia and this and that, but if they open their eyes and pay more attention to china. guest: i agree. i think engagement -- what u.s. policymakers and the american public have overlooked is engagement could enhance the practices we consider undesirable. forced labor. you would think that trade, when we think back to china's acceptance into wto, many people thought that trading with china would change their minds because that would open them up to how -- works in the western world. what actually happened was that china has been having forced labor for a long time. in the old economy