Yahoo pulls out of China forever

It logged out “in recognition of the increasingly challenging business and legal environment,” a Yahoo spokesman said in a statement.

“Yahoo remains committed to the rights of our users and to a free and open Internet. We thank our users for their support.”

Access to many of Yahoo’s functions in China has disappeared since 2013, including email and news. In 2015, Yahoo closed its Beijing office and cut roughly 300 jobs.

Yahoo Joins From Microsoft (MSFT) LinkedIn social network, which announced last month it would leave China due to a “significantly more challenging operating environment and higher compliance requirements in China.”
Operating in China has long posed numerous challenges for private companies, but Chinese President Xi Jinping has orchestrated a wide-ranging regulatory crackdown on the tech, education, games and entertainment industries in recent months that has eliminated a large amount. from market value of the largest companies in China.

The country’s latest five-year plan includes promises to strengthen rules that would clamp down on monopolistic behavior and regulate technological innovation. The authorities also called on “law enforcement” to act in areas of “vital interests of people “, including financial services, education and mentoring.

Yahoo was once among the largest technology companies in the world, but its influence has dramatically declined over the past decade. Several CEOs tried to turn the company around, but ultimately failed to regain the share of search and advertising markets that Yahoo once dominated. Was recently purchased by Apollo Global Management from Verizon as part of a $ 5 billion settlement.
The company was once one of the first to invest in Chinese e-commerce giant Alibaba. Several years later, Yahoo returned $ 3 billion to shareholders after selling about half of its massive stake in Alibaba for $ 7.1 billion.

– CNN Business’s Laura contributed to this report.

Reference-rss.cnn.com

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