Alibaba Highest-Paying Tech Firm in China Despite Internet Crackdown

Despite China’s aim to rein in domestic internet giants, Alibaba remains the country’s highest paid tech company with an average monthly salary of $5,000, followed by ByteDance and Tencent Holdings which offer average monthly salaries of $4,900. and $4,600, respectively.

According to the South China Morning Post, citing data from the Chinese social media and career platform Maimai, the most generous technology in terms of annual bonuses last year were smartphone maker OPPO, Tencent Holdings and Ant Group.

Huawei Technologies paid an average bonus of $25,000 last year, according to the data. Didi Chuxing was in 10th place with a $15,000 annual bonus.

According to China’s National Bureau of Statistics, the national average annual per capita disposable income for 2021 was 35,128 yuan ($5,428), roughly equivalent to a month’s salary at a big tech company, the report said.

“The size of an annual bonus reflects the financial performance of a company, which is also an important symbol of the rise and fall of an industry, and can even act as a barometer of the economy,” Lin Fan, founder and Chief Executive Officer of Maimai. as he says he in the report.

technology in China they are paying hefty salaries and bonuses, but this scenario could change if China plans to further change its policies to rein in domestic tech giants like Alibaba and Tencent.

Chinese President Xi Jinping reportedly “intends to change policies regarding his control over the country’s major technology.” What and Tencent Holdings.”

“The move is apparently aimed at reinvigorating the internet sector and shoring up the Chinese economy, which is losing momentum amid the Russian invasion of Ukraine and the country’s zero-Covid policy.”

Since last year, Chinese regulatory authorities have been cracking down on domestic tech giants to end their dominance in the internet sector.

In March, the Covid-19 lockdowns and China’s position on the Ukraine conflict led to a plunge in tech stocks, slashing billions of dollars from companies like Holding and Tencent Holdings in Hong Kong.

Chinese stocks in the US also suffered their biggest sell-off since 2008 after US regulators identified five companies that could be subject to delisting for failing to meet audit requirements.

In December last year, Alibaba announced a major shakeup at the top as the country toughened its stance against big domestic tech companies over data and internet regulations.

Alibaba also unveiled major reorganization plans to boost its domestic and international e-commerce strategy.



(Only the headline and image in this report may have been modified by Business Standard staff; all other content is auto-generated from a syndicated source.)

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