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LinkedIn logs off in China after censorship controversy

Yahoo Finance's Ines Ferre discusses LinkedIn shutting down its app in China with plans to launch a jobs-only platform later this year.

Video Transcript

ZACK GUZMAN: I want to shift back to one story we're watching play out here today. And that is Microsoft's LinkedIn changing up the way it operates over there in China, as it blames a more challenging operating environment in that country. Of course, we've been watching that play out across China's tech sector.

And for more on that, I want to bring on Yahoo Finance's Ines Ferr, who's been tracking that one for us. Ines?

INES FERRE: And Zack, Microsoft announcing that it is abandoning LinkedIn in China. And as you mentioned, citing a significantly more challenging operating environment and greater compliance requirements in China.

Now, China has been scrutinizing different industries, including the tech industry. LinkedIn is saying now that it will launch InJobs. This will be a standalone jobs application for Chinese people in China. And this will be launched later this year.

Regarding LinkedIn, in March, according to "Bloomberg," regulators had told LinkedIn that it had to better regulate its content. And it gave LinkedIn 30 days to do so. Also recently, reportedly, LinkedIn had notified some human rights activists in China, some academics, some journalists that their profiles had been blocked in China. So definitely more scrutiny on that platform. These challenges that Microsoft is citing has to do with the decision to abandon LinkedIn.

I do want to also note that not only, of course, has Microsoft been looking into technology platforms, but also now it's looking into also brokerage firms because there's a report out-- and I'm going to pull up the Chinese companies that are trading here in the US. You can see today, these are down.

There's a Chinese report out saying that Chinese online brokerages that are listed in the US now run the risk of violating data privacy rules. We've heard this before with other companies, with other industries. So two of the companies that are mentioned are the two biggest decliners that we're looking at on this map. You're watching Futu Holdings. That's down about 14%. This is mentioned in the report.

Also mentioned in "The People's Daily" is Up Fintech. That's down 22%.

So the scrutiny of Chinese regulators extending beyond technology, beyond education, beyond gaming, and also into brokerage firms as well. Akiko?

AKIKO FUJITA: Yeah. This move feels like, in some ways, Ines, inevitable just, given what we've seen play out with other US tech companies. But I mean, Microsoft's had a presence in China for, what, decades now. So it's interesting to see they're making this move now. We'll be watching that story closely. Thanks so much for that.

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