|Bid||262.60 x 800|
|Ask||263.00 x 1300|
|Day's Range||233.90 - 271.00|
|52 Week Range||82.00 - 354.82|
|Beta (5Y Monthly)||1.14|
|PE Ratio (TTM)||20.39|
|Earnings Date||May 17, 2021 - May 21, 2021|
|Forward Dividend & Yield||N/A (N/A)|
|1y Target Est||352.10|
Most readers would already be aware that Baidu's (NASDAQ:BIDU) stock increased significantly by 82% over the past three...
China’s instruction to technology giants regarding key data sharing acts as a double whammy for its tech companies recuperating from increased antitrust scrutiny, Bloomberg reports. The U.S. reportedly delayed license approval to American companies for selling chipmaking equipment to China’s semiconductor giant Semiconductor Manufacturing International Corp (SMIC) (OTC: SMICY) (OTC: SIUIF) despite the semiconductor crisis. China Communist Party prioritized data disclosure regarding search, e-commerce, and social media by the tech companies for the next five years to promote the healthy development of the sharing and online economies. Beijing was also launching a platform for sharing public and government data. It is the first instance of China government’s prioritization of data disclosure by private-sector companies. However, Chinese Communist Party leader Xi Jinping previously acknowledged the importance of data. Beijing initiated an extensive crackdown on alleged monopolistic practices by its giant internet industry last November over concerns regarding the growing influence of its largest private corporations from voluminous data collection. Chinese tech titans ranging from Alibaba Group Holding Ltd (NYSE: BABA) and Tencent Holdings Ltd (OTC: TCEHY), along with emerging companies like ByteDance Ltd. and Meituan (OTC: MPNGF) (OTC: MPNGY), attracted government scrutiny for the collection of voluminous data via social-media apps like WeChat and Douyin. Conceding that data had the potential to topple their dominance and raise competition. Alibaba founder Jack Ma’s highly ambitious Ant IPO got deferred amidst regulatory hurdles. China’s antitrust regulators cracked down on practices, including forced exclusive arrangements with merchants known as “Pick One of Two” to algorithm-based prices favoring new users. Beijing also remained keen upon better regulation of the collection and use of consumer data. The 14th Five Year Plan released on Friday did not disclose exact details on the company data sharing procedure. Data ownership and security have long been a bone of contention between China and rival nations. Conditions further intensified upon President Trump’s bans on ByteDance and Tencent over alleged data collection of American users. Corporations were already mandated to provide access to their technology and assist with investigations involving crime and national security under a 2017 Cybersecurity Law. Baidu Inc (NASDAQ: BIDU) welcomed China’s new initiative seeking a pilot program set up to break barriers among internet services essential to daily lives. Price action: BABA shares are up 0.56% at $231.75, while BIDU shares are down 2.52% at $254.10 on the last check Friday. Image Courtesy: Wikimedia See more from BenzingaClick here for options trades from BenzingaUS Delays SMIC Suppliers With Export Licenses Despite Chip Crisis: Reuters© 2021 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
(Bloomberg) -- China called on its technology giants to share key data, dealing a further blow to the companies already reeling from heightened antitrust scrutiny.Companies are encouraged to open up data related to areas from search to e-commerce and social media, in order to promote the healthy development of the sharing and online economies, according to a government report outlining the Communist Party’s top priorities for the next five years. Beijing is also establishing a platform for sharing public and government data.While Xi Jinping’s government has long identified data as a key resource, it’s the first time that the opening up of data amassed by private-sector companies has been included in the country’s top economic guidelines. Beijing in November launched a sweeping crackdown on alleged monopolistic practices in its giant internet industry, worried about the growing influence of its largest private corporations thanks to the vast swathes of information they’ve hoovered up.Industry behemoths Alibaba Group Holding Ltd. and Tencent Holdings Ltd. as well as up-and-coming competitors like ByteDance Ltd. and Meituan have at their disposal vast amounts of proprietary information, gathered from the hundreds of millions of consumers shopping on their platforms and using social-media apps like WeChat and Douyin. Surrendering that data could undermine their market-leading positions and deal a heavy blow to their ability to squeeze out smaller competitors.Antitrust regulators in November unveiled new rules to stamp out monopolistic practices in its tech industry, cracking down on practices such as forced exclusive arrangements with merchants known as “Pick One of Two” to algorithm-based prices favoring new users. Beijing also intends to better regulate the collection and use of consumer data, according to a plan by the general offices of the powerful Communist Party Central Committee and the State Council, the cabinet.The 14th Five Year Plan released on Friday didn’t provide specific details on how companies should share their data.“China’s thinking on data policy has made a game-changing evolutionary leap,” Kendra Schaefer, head of digital research at Trivium China in Beijing, said before the National People’s Congress. “Increasingly, in the eyes of Chinese policymakers, creating the legal and technical infrastructure to support the marketization of data is not a nice-to-have, but an immediate economic imperative.”Data ownership and security has long been a flash point between China and rival nations, especially the U.S. Under the Trump administration, Washington had sought to ban services by ByteDance and Tencent, arguing that the companies could allow Beijing to gather data from tens of millions of American users. Corporations are already required to provide access to their technology and assist with investigations involving crime and national security, under a 2017 Cybersecurity Law.Beijing’s stance is echoed by at least one of its tech moguls. “To grab users, every app is spending huge resources in building up content that can only be viewed within the app,” Baidu Inc.’s Robin Li said in a proposal to China’s top lawmaker. The effectiveness of his company’s leading search engine relies on open online information. “They become ‘information islands’ separated from each other.” He suggested the government set up a pilot program to break up such barriers among internet services vital to daily lives.For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.