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In this photo illustration the Chinese technology firm Tencent logo seen on an Android mobile device with People’s Republic of China flag in the background.
Budrul Chukrut | SOPA Images | LightRocket | Getty Images

GUANGZHOU, China — Chinese technology giants are looking to make changes to their business models and working practices in order to preempt moves by regulators as authorities crackdown on the once free-wheeling sector.

In the past year, regulators have introduced new rules in areas from anti-monopoly for internet companies to data security, targeting large tech firms.

And punishment has come swiftly. Ant Group’s record-breaking initial public offering was pulled by regulators in November, while Alibaba was slapped with a $2.8 billion fine as a result of an anti-monopoly probe.

Ride-hailing giant Didi meanwhile, became the subject of a cybersecurity review days after its massive U.S. IPO. And China’s top cyberspace regulator ordered app stores this month to suspend Didi from being downloaded.

With regulators breathing down tech companies’ necks, corporations have looked to make moves to appease authorities.

Tencent this month has looked to tighten up its patrol of minors playing games. According to Chinese regulations, minors are banned from playing online games between 10 p.m. and 8 a.m. Tencent, one of the biggest gaming companies in the world, said there are cases of kids using adult accounts to play games.

To counter that, the company will require the gamer to do a facial recognition scan on their phone to verify if they are an adult.

Over the past few years, China’s government has been concerned about video game addiction and how it could damage children’s health. In 2018, regulators froze video game approvals in China over concerns of violence in some titles as well as potential addiction and rising cases of myopia. Games in China need to be approved by censors in order to be released and monetized.

Tencent appears to be getting ahead of any further regulatory action with its latest moves.

Anti-monopoly focus

In February, regulators released anti-monopoly rules for internet platforms. Beijing is concerned about the size and power of China’s technology companies which have grown into some of the world’s largest, broadly unencumbered by regulation.

The focus of the Alibaba probe, which concluded in April and resulted in a $2.8 billion fine, was a practice that forces merchants to choose one of two platforms to sell their goods on.

Alibaba and Tencent have both effectively built up walls around their products. For example users can’t use Tencent’s WeChat Pay service on Alibaba’s Taobao e-commerce site.

But it appears both Tencent and Alibaba could be looking to get ahead of potential further antitrust action.

The Wall Street Journal reported on Wednesday that Alibaba and Tencent are looking to loosen up some of these blocks on each others’ products. This could include allowing WeChat Pay as an option on Alibaba’s shopping services.

“Such measures of self-regulation would be ahead of the regulation curve, as Tencent often is – and Alibaba hasn’t been,” Neil Campling, head of technology, media and telecoms research at Mirabaud Securities Limited, said in a note on Wednesday.

996 work culture

Technology companies are also trying to make changes to the long-standing practice of grueling work hours known as 996.

This refers to employees working from 9 a.m. to 9 p.m, six days a week. Alibaba founder Jack Ma once called the 996 culture a “huge blessing,” but it has faced intense criticism.

On Tuesday, Ling Zhenguo, a member of China’s top political advisory body known as the Chinese People’s Political Consultative Conference, wrote an op-ed in the entity’s official newspaper, apparently criticizing the 996 culture.

The internet economy should put “people at the center” shouldn’t link “every profit made with every hard working minute of employees,” according to a CNBC translation of the Mandarin article.

“We must be clearly aware that it’s in contrast to the market economy with Chinese characteristics to regard people’s legs as wheels and hands as robots,” Ling added, effectively saying that humans should be treated as humans.

Ling’s article highlights how 996 work culture could be targeted next by Beijing.

But technology companies have already begun to tweak their practices.

Last week, TikTok-owner ByteDance said that from Aug. 1, it was ending the practice of “big week, small week.” This is where workers would work every other Sunday and get paid. Short-video app Kuaishou also canceled this policy last month, according to local media.

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Astronomer CEO Andy Byron resigns after viral Coldplay kiss-cam controversy

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Astronomer CEO Andy Byron resigns after viral Coldplay kiss-cam controversy

Chris Martin of Coldplay performs at the O2 Shepherd’s Bush Empire on October 12, 2021 in London, England.

Simone Joyner | Getty Images Entertainment | Getty Images

Astronomer, the technology company that faced backlash after its CEO was allegedly caught in an affair at a Coldplay concert, said the CEO has resigned, the company announced Saturday.

“Andy Byron has tendered his resignation, and the Board of Directors has accepted,” the company said in a statement. “The Board will begin a search for our next Chief Executive as Cofounder and Chief Product Officer Pete DeJoy continues to serve as interim CEO.”

Byron was shown on a big screen at a Coldplay concert on Wednesday with his arms around the company’s chief people officer, Kristin Cabot. Byron, who is married with children, immediately hid when the couple was shown on screen. Lead singer Chris Martin said, “Either they’re having an affair or they’re just very shy.” A concert attendee’s video of the affair went viral.

In May, Astronomer announced a $93 million investment round led by Bain Ventures and other investors, including Salesforce Ventures.

Byron’s resignation comes after Astronomer said Friday that it had launched a “formal investigation” into the matter, and the CEO was placed on administrative leave.

“Before this week, we were known as a pioneer in the DataOps space, helping data teams power everything from modern analytics to production AI,” the company said in its Saturday statement. “Our leaders are expected to set the standard in both conduct and accountability, and recently, that standard was not met.”

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Nvidia CEO Jensen Huang sells an additional $12.94 million worth of shares

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Nvidia CEO Jensen Huang sells an additional .94 million worth of shares

Jensen Huang, co-founder and CEO of Nvidia Corp., speaks during a news conference in Taipei on May 21, 2025.

I-hwa Cheng | Afp | Getty Images

Nvidia CEO Jensen Huang sold 75,000 shares on Friday, valued at about $12.94 million, according to a filing with the U.S. Securities and Exchange Commission. 

Friday’s sale is part of a plan adopted in March for Huang to sell up to 6 million shares of the leading artificial intelligence company. Earlier this week, Huang sold 225,000 shares of the chipmaker, totaling about $37 million, according to a separate SEC filing. The CEO began trading stock per the plan last month.

Surging demand for AI and the graphics processing units that power large language models has significantly boosted Huang’s net worth and pushed Nvidia’s market capitalization beyond $4 trillion, making it the world’s most valuable company.

Nvidia announced this week that it expects to resume sales of its H20 chips to China soon, following signals from the Trump administration that it would approve export licenses. Earlier this year, U.S. officials had stated that Nvidia would require special permission to ship the chips, which are specifically designed for the Chinese market.

“The U.S. government has assured NVIDIA that licenses will be granted, and NVIDIA hopes to start deliveries soon,” the company said in a statement on Tuesday. Huang said during a news conference on Wednesday in Beijing that he wants to sell chips more advanced than the H20 to China at some point.

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Peter Thiel-backed cryptocurrency exchange Bullish files to go public on NYSE

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Peter Thiel-backed cryptocurrency exchange Bullish files to go public on NYSE

Peter Thiel, co-founder of PayPal, Palantir Technologies, and Founders Fund, holds hundred dollar bills as he speaks during the Bitcoin 2022 Conference at Miami Beach Convention Center on April 7, 2022 in Miami, Florida.

Marco Bello | Getty Images

The Peter Thiel-backed cryptocurrency exchange Bullish filed for an IPO on Friday, the latest digital asset firm to head for the public market.

The company, led by CEO Tom Farley, a veteran of the finance industry and former president of the New York Stock Exchange, said it plans to trade on the NYSE under the ticker symbol “BLSH.”

A spinout of Block.one, Bullish started with an initial investment from backers including Thiel’s Founders Fund and Thiel Capital, along with Nomura, Mike Novogratz and others. Bullish acquired crypto news site CoinDesk in 2023.

“In the first quarter of 2025, Bullish exchange executed over $2.5 billion in average daily volume, ranking in the top five exchanges by spot volume for Bitcoin and Ether,” the company said on its website. The prospectus listed top competitors as Binance, Coinbase and Kraken.

The IPO filing says that as of March 31, the total trading volume since launch has exceeded $1.25 trillion.

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The filing is another significant step for the cryptocurrency industry, which has fought for years to convince institutions to embrace digital assets as legitimate investments.

It’s already been a big year on the market for crypto offerings, highlighted by stablecoin issuer Circle, which has jumped more than sevenfold since its IPO in June. Etoro, an online trading platform that includes services for crypto investors, debuted in May.

Novogratz‘s crypto firm Galaxy Digital started trading on the Nasdaq in May, moving its listing from the Toronto Stock Exchange. And in June, Gemini, the cryptocurrency exchange and custodian founded by Cameron and Tyler Winklevoss, confidentially filed for an IPO in the U.S.

Meanwhile, investors continue to flock to bitcoin. The digital currency is trading at over $117,000, up from about $94,000 at the start of the year.

President Donald Trump, on Friday, signed the GENIUS Act into law — a set of regulations that establish some initial consumer protections around stablecoins, which are tied to assets like the U.S. dollar with the intent of reducing price volatility associated with many cryptocurrencies.

In its filing with the SEC, Bullish says its mission is partly to “drive the adoption of stablecoins, digital assets, and blockchain technology.”

Crypto industry players, including Thiel, Elon Musk, and President Trump’s AI and Crypto czar David Sacks spent heavily to re-elect Trump and have pushed for legislation that legitimizes digital assets and exchanges.

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