China Big Tech Crackdown Winners 2021

China Big Tech Crackdown Winners 2021

China Big Tech Crackdown Winners 2021

Technology, Consumer Staples, Financials Author: Skye Lan Jun 29, 2021 11:48 PM (GMT+8)

ContributorsYingwei Fu, Yangni Liu, Ivan Platonov

EditorLuke Sheehan


CopyrightEqualOcean Intelligence

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This report explores China's evolving regulatory environment and identifies 10 companies winning from the state's antitrust push. Compared with Big Techs, such as Tencent, Alibaba and Meituan, these niche players are more agile and capable of altering their business models based on the changing consumer needs, the rising tide of downstream demand and the appearance of new technologies.


  • China's Internet sector has been expanding at an astonishing speed, with its 'national champions' evolving to compete with the world's giants.
  • While these Big Tech companies scale rapidly, the public has been discussing the fairness of market competition.
  • The recent Big Tech crackdown has attracted massive attention as the regulatory scrutiny reflects the will of the 'invisible hand' and even further – the critical intention of Beijing towards the private sector.
  • The change in the air seems to have created a short-term vacuum for Big Tech's competitors, which can substitute giants' functions in the market.


  • 1 Beijing's tightened grip
  • 2 'Unexpected catalyst'

In this report

niche players

benefiting from the new wave of antitrust regulation


visually explaining the investment value of these companies

Selected reports
Financing and Investment Activities in China's Mobility Industry From 2012 to 2022
Global Path of Chinese Video Games' Business Expansion
Equity Research Report: Ant Group
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