The Chinese nationalist government has undertaken a vast operation to take over its online business. It has no intention of allowing private companies to dominate it beyond all control, as is the case in the West.
After having severely sanctioned the Alibaba company (2.8 billion fine for monopoly practices) and its founder Jack Ma (disappeared from the radar), the government “advised” the 33 other Chinese web giants to reinvest a considerable part of their profits in research and development. In China, such advice is a command.
The Communist Party thus intends to retain power for the People and not see it usurped by a handful of oligarchs.