Yahoo has ended its services in China after citing it has been experiencing some challenges lately. The company is the latest firm to shut down its operation in the country.
The long-time running app decided to pull out of China because of the "increasingly challenging business and legal environment." Although the tech company announced its sudden exit, it said that it thanked those users who stayed with them throughout the years.
Yahoo Shutdown in China
Yahoo is the latest American tech firm to leave China following the country's regulations and stricter compliance requirements. Here's our report on the company's recent exit.
According to Bloomberg's report on Tuesday, Nov. 2, Yahoo has started ending its job in mainland China on Monday, Nov. 1. The company added that it would remain committed to complying with its users' rights and providing a free service to everyone.
Since 2013, several features made by the tech firm have been walled for access in China including the news and the email. In leaving the country, 300 jobs were removed following the closure of its office in Beijing.
Before Yahoo finalized its decision to quit in China, LinkedIn also joined the trend last month. It joined the list of exiting tech firms due to the heavy compliance requirements in the country.
For private firms, the challenge has doubled than usual. Mostly, it originated when President Xi Jin Ping announced its move to regulate the usage of technology. The decision also affected several crackdowns concerning entertainment, education, and even the gaming industry.
Furthermore, China is committed to fully eradicating the monopolies in the country by imposing tight restrictions on the involved firms. In addition, the authorities aimed to enforce strict laws on common interests of people like in the case of giving financial services.
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Over the past years, Yahoo has experienced a gradual decline in the number of users. So far, the tech companies around the globe aim to catch up with the demand of the regulators without affecting their profit.
A few months ago, Apollo Global Management acquired Yahoo from Verizon in an agreement amounting to $5 billion.
According to CNN, Yahoo has invested before in Alibaba, a popular e-commerce company at the moment. However, the former came up with the idea of selling $7.1 billion to the retail giant. Later, it gave back $3 billion to the shareholders.
Yahoo Calendar on September
A couple of months ago, Tech Times reported that Yahoo has called the attention of the Sunrise creator for the development of a calendar app. Some fans compared it to Google Calendar.
The new calendar app was dubbed Day. Moreover, the company was looking forward to putting many improvements on it and the ability to integrate it with emails.
Tencent's Action Amid Social Media Crackdown
As we know, China continues to intensify its campaign to regulate tight rules for the social media crackdown. In October, Tencent suspended more than 1,000 WeChat accounts after finding anomalies linked to financial activities.
Tencent imposed a ban on 1,463 accounts including the account of Essence Securities' Chen Guo. According to the company, not all accounts underwent removal since some of them were only restricted for a week.
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This article is owned by Tech Times
Written by Joseph Henry
