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 * WSJ News Exclusive
 * Markets


EUROPE TOPS CHINA IN SPAWNING $1 BILLION TECH STARTUPS


ENTREPRENEURIAL EUROPEANS ARE CREATING MORE ‘UNICORNS’ AS BEIJING’S TECH
CRACKDOWN CHILLS DEALMAKING

Ant, Alibaba Show How China Reins in Big Tech Faster Than Other Countries
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Ant, Alibaba Show How China Reins in Big Tech Faster Than Other Countries

In less than six months, China’s tech giant Ant went from planning a blockbuster
IPO to restructuring in response to pressure from the central bank. As the U.S.
also takes aim at big tech, here’s how China is moving faster. Photo
illustration: Sharon Shi
By
Daniel Michaels
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DANIEL MICHAELS

 * Biography
 * @DanMichaelsWSJ
 * Dan.Michaels@wsj.com

Updated Dec. 7, 2021 8:23 am ET

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BRUSSELS—Europe has overtaken China in creating billion-dollar tech startups,
according to a new analysis that points to Europe’s rising status in the field
and the effect of Beijing’s crackdown on capitalist entrepreneurialism. Both
economies still lag behind the U.S. in creating so-called unicorns.

Over the past year, China has reined in its most successful and freewheeling
tech giants, including Alibaba Group Holding Ltd. , Tencent Holdings Ltd. and
Didi Global Inc., leading to a loss of market value that has cast a chill across
the whole sector. Europe, meanwhile, has attracted further investment in its
expanding tech industry, particularly from U.S. funds.

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