India recently banned 54 Chinese apps citing threats to its national security. Interestingly, the ban also set the stocks of a Singaporean company on fire. It was the first time that Beijing was not alone in facing the music, Singapore did feel the jolt too. Singaporean tech giant Sea group lost $16 billion in a single day. Sea’s New York stock plunged more than 18% overnight.
India’s radical change in its App-ban policy
New Delhi had also banned “Free Fire” in this week’s crackdown on Chinese applications, which is one of the most lucrative titles for the Sea group. The ban on ‘Free Fire’ marked a radical change in India’s Chinese-App-ban policy. It was the first time that India expanded its policy to a non-Chinese company citing overwhelming Chinese investments.
The ban took the management of the Sea group by surprise. Sea is not a Chinese company. The company’s founder Forrest Li was born in China, but today he is a Singaporean citizen. The company is listed on New York Stock exchange. No direct Chinese connection so far, right? But New Delhi still put the app on the blacklist since a large chunk of the stakes in the company is held by Chinese investors.
For instance, Chinese tech giant Tencent held 23.3% voting rights in the Singaporean firm last March. Sea’s founder and CEO Forrest Li, along with Tencent, collectively hold 52% of the total voting power. New Delhi realized that even if the company was not registered in China, it had ample Chinese connections to justify the ban on ‘Free Fire.’
India shows the true power of Indian markets
You see, India’s position in the global tech market is quite unique and pivotal for emerging start-ups across Southeast Asia. China is no longer an attractive market for sprawling tech giants of the region, and now they are flocking to red-hot Indian markets for offsetting the losses. Take Free Fire for example. The Free Fire game was the highest-grossing mobile game in India in the third quarter of 2021.
And now the Sea group fears that India’s app ban could even extend to its other services being offered in India. For instance, Sea’s e-commerce business arm Shopee also stands a chance of inviting New Delhi’s wrath. Investors are worried, and that’s why they are impulsively pulling out their money from the Singaporean company. Simply put, the company is paying through the nose for having Chinese money parked in their equity.
India’s loud and clear message to all tech giants of the world
Here, by banning the Sea group’s Free Fire, New Delhi has sent a message to all aspiring tech giants of the world. Stay away from Chinese investors; dump Chinese Yuan; before eying Indian markets. Anything Chinese is a national security threat in India. You get Chinese investors on board, and you will immediately be banned from entering the Indian market. You set foot in two boats and expect to sail. You choose either China or India. And if you care for your business, you must already be sending Chinese investors packing home!
Read More: Singaporean tech giant Sea rejects Chinese control
Ironically, even the Sea group had realized this truth way back. The company was already making arrangements to cut Tencent’s voting share down to less than 10%. On the flip side, the CEO of the company would take control of 60% of the total voting rights. But sadly, the company got caught in the crosshairs before it could get rid of the investments made by Tencent. For Southeast Asian tech giants and start-ups, it’s time to act and dump Chinese investments or New Delhi won’t even blink an eye before flattening their business empires in no time.
Another bombastic ‘report’ by this media. 16B A DAY suddenly becomes just 16B at some point in time. Any point in time is A DAY dude and it wasn’t because of India alone… Such poor journalistic ethics. Sad!
Good decision by the Indian Govt. This will halt China’s back door entry. Now 8 understand why the Singaporean PM is so visibly upset with Mr. Modi.
Well, fuck india…. who cares what India says.
You better care
Who cares about your opinion , fuck you
You better start caring.. In India we use “Chinese” as a opposite word for “original”.
Chinese economy is based on “Chinese” products. It’s going to collapse soon.
Already China is crying but you say who cares about India. Better you ask China who can give proper reply.
Indian market is huge. Just comments from few doesn’t matter for India or any country. Find the root cause on banning. Prove and win. I am not underestimating China. But racism is bad and a killer. Comments posted here should be decent and healthy. There are country heads who can talk and find solutions.
From the word you use Induan, it shows that you are anti India, there criticise in a polite manner, Now let me ask you, where did covid came from, your home. What is the cost of a llife?
A well-deserved beating for all those who support the totalitarian CCP regime through greedy investments in China-controlled companies. Forrest Li, Shopee and Zoom included. SG govt should learn a lesson from this incident.
Lesson: never deal with the devil.
That said, India’s PM Modi and his party are devils themselves.
If Modi is no angel neither is his party what are you talking about not dealing with the devil? All are devils in one way or ANOTHER! At the Chinese devil takes care of their country men does the Indian devil do that????
Who ever Singaporean or American we don’t bothered about your fucking company related to Chinese will fire will throw off from our country.
Fucking cow piss showering Indians will stay a 3rd world country for at least the next 50 years. You think you can hold the same power as US and China in the world stage? Lol ok. Your own people torture themselves with a slavery caste system like some ancient civilization
Hahahaha TRUE..MODi is a peadophile, rapist and murderer like 90% of his party… damn Hindus…
Shut up u fucking pigs. Nobody need to destroy u,the disease like corona and omicron will kill u all. If that not happen, usa will destroy u. Dont think u can overtake USA. Go eat pigs n die. China=duplicate
Indians, Africans and black people….
Racism even in high levels, what a bunch of clowns
This is not very different from Singaporeans questioning the credentials of Piyush Gupta the transformational CEO of DBS bank. He is a Singaporean citizen but was victim of malicious social attacks in Singapore for being ‘Indian’.
However when India flexes its muscles in a similar vein, it hurts?
Why is Modi so vindictive and whipping India into an anti China frenzy god only knows. The colonizers ruled and pilloried India over a hundred years then tore the land into three separate countries, but alas Modi worships and hugs the same people calling them allies.
China supplies the world with reliable and affordable goods improving living standards around the world. If Modi doesn’t want it, it’s India’s loss.
Very sad…
2 masters of Pitbul’s put them in the ring for their own glory. All it takes is for the 2 heads to come to a truce and regularize their bilateral relationship, but damage done to the commoners are irreparable.
What a joke. India represents a very small market for any business. On a development level it even lags behind Vietnam. I doubt any business would ever choose India over China.
Why are people being racist and mad? These are politics at best. And us normal civilians are mad for what?? And then ridiculing all the Indians like there was a vote and every Indian nationalist voted for this. Those on Free Fire’s side, why you mad the company lost money? Your money? You literally lost money because of this? No right??? Then angry for what? People are weird man. Am Singaporean btw
Love and respect from India
Singapore govt should ban all new workers (blue or white) from India and start sending back all existing ones by June 2022.
VVVVV GOOD INDIA
FOR BANNING HIS APP
Vulgarity shd notbe allowed to be used in this platform.It is a cheap form of argument n only when the pperson has no real grounds he resorts to foul language.Everycountry has to determine what is good or bad for its people.Modi decided that ban be imposed n he did it.Good luck to those who oppose this ban.
What about paytm and similar apps with heavy Chinese investments? Will they also be banned??
Singapore is indeed a communist country but, it practises its idealogy on the sly…it uses the Indians to do its intricate dogs work for them cos, they dont have the ability to do so!!
They have side lined the Malay race and is supporting corrupt Malay politicans, especially, UMNO in Malaysia.
India should ban any business from Communist Singapore. Indians in Singapore, please relocate yourselves to New Zealand..
India ajg fuck u