Part of the heightened scrutiny can be explained by regulators’ plan to break up the outsize market shares of the biggest companies to protect consumers. Another concern was over the data security, resulting in the unprecedented move by the Cyberspace Administration of China (CAC) to insert itself into the offshore fundraising approvals process for companies that amass data troves of more than 1 million users. Dozens of China-domiciled technology start-ups have since halted their offshore IPOs.

While the road to New York, the world’s largest capital market, became bumpy – made more hazardous by speed bumps put up by the US Securities and Exchange Commission (SEC) – Southeast Asia has come into focus, both as potential hunting grounds for acquisitions and as locations for regional hubs. Alibaba, ByteDance and Tencent Holdings have all made a number of acquisition and opened spacious offices in the region.

Still, shifting demographics within China created new business opportunities for tapping the so-called silver economy, as the number of internet users older than 60 years jumped to 11 per cent of total netizens in 2020, from just 4 per cent in 2016. Scores of products, applications and services have sprouted in the past year, with “senior-friendly” features, targeted content, supplemented by courses to help the elderly keep up with the digital economy. Another demographic change was the rapid rise of the “sheconomy,” which attracted start-ups to shift their focus to cater for women’s consumption patterns and tastes. Cosmetics, apparels, food and beverages, and lifestyle are four of the product categories that best illustrate this shifting trend.

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