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ALIBABA GROUP HOLDING LIMITED

(BABA)
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China's Tech Regulator Urges Internet Companies to Step Up Risk Assessment

07/30/2021 | 04:48am EDT

China's Ministry of Industry and Information Technology, the country's main technology sector regulator, urged internet companies to step up risk assessment and management of exporting essential data at a meeting on Wednesday, according to a notice on the ministry's website on Friday.

Authorized by the ministry, the Internet Society of China, a state-backed industry group, convened a study session on implementing China's Data Security Law, with representatives from 12 major Chinese tech companies, including Alibaba Group Holding Ltd., Ant Group Co., Tencent Holdings Ltd., Meituan, JD.com Inc., ByteDance Ltd. and Pinduoduo Inc.

The ministry's Cybersecurity Management Bureau urged the companies to take data security protection "as the bottom line and red line" of their operations and to protect China's sovereignty, security and development.

Major internet companies should also specify responsible departments and personnel, and establish a full-life-cycle system and mechanism for data security management, the bureau said.

The ministry also encouraged companies to co-build an industrial data security supervision system and to actively participate in the development of data security standards and key technology research and development.

Ride-hailing giant Didi Global Inc., which is currently under a cybersecurity investigation, wasn't included in the list of attendees.

The Ministry of Transportation in a separate meeting Friday reiterated its commitment to crack down on monopolistic behavior and promote fair competition in the country's ride-hailing and truck-hailing businesses, according to a notice on the ministry's website.

Write to Singapore editors at singaporeeditors@dowjones.com

(END) Dow Jones Newswires

07-30-21 0648ET

Stocks mentioned in the article
ChangeLast1st jan.
ALIBABA GROUP HOLDING LIMITED -4.04% 145.08 Delayed Quote.-35.04%
DIDI GLOBAL INC. -2.69% 7.96 Delayed Quote.0.00%
DJ INDUSTRIAL 0.10% 34798 Delayed Quote.11.93%
JD.COM, INC. -2.82% 73.98 Delayed Quote.-13.39%
MEITUAN 0.82% 244.6 End-of-day quote.-16.97%
MSCI SINGAPORE (GDTR) 0.93% 6577.541 Real-time Quote.11.98%
PINDUODUO INC. -3.80% 94.55 Delayed Quote.-44.68%
TENCENT HOLDINGS LIMITED -0.65% 460.2 End-of-day quote.-18.40%
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Financials
Sales 2022 924 B 143 B 143 B
Net income 2022 136 B 21 049 M 21 049 M
Net cash 2022 456 B 70 593 M 70 593 M
P/E ratio 2022 20,5x
Yield 2022 -
Capitalization 2 647 B 410 B 409 B
EV / Sales 2022 2,37x
EV / Sales 2023 1,88x
Nbr of Employees 254 702
Free-Float 73,6%
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Mean consensus BUY
Number of Analysts 46
Last Close Price 976,54 CNY
Average target price 1 741,12 CNY
Spread / Average Target 78,3%
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Managers and Directors
Yong Zhang Executive Chairman & Chief Executive Officer
John Michael Evans President & Director
Wei Wu CFO, Director & Head-Strategic Investments
Li Cheng Chief Technology Officer
Chee Hwa Tung Independent Director
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