The region is home to nearly 700m people, fast-digitising economies and, crucially, no hardened geopolitical persuasion
is intensifying. In the latest move, on August 17th the authorities released draft antitrust rules that would hurt the business models of titans like Alibaba and Tencent. In the West, meanwhile, governments want to make it harder for Chinese companies to do business in their countries and, in America’s case, list shares. Some global asset managers are callingThe firms are thus casting around for friendlier climes. Foreign markets account for a relatively small share of the Chinese groups’ sales.
Cloud computing presents a particular opportunity. Although the cloud market’s total size in South-East Asia is still relatively small, at less than $2bn a year, it grew by more than 50% in 2020, and shows no signs of slowing. And the Chinese firms are winning an ever greater share of this ever larger pie, mostly from Amazon Web Services , the American e-commerce empire’s cloud division.
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