Amazon Sells Portion Of Business For $300 Million Because Of Chinese Law

Amazon to sell China cloud services unit in $300 million deal

Amazon to sell China cloud services unit in $300 million deal

Foreign firms have repeatedly complained about the biased regulations in China that favor the local companies.

AWS also has a separate hardware venture in China and is partnered with the Ningxia provincial government in the north-west part of the country though all of Amazon's public cloud services are managed exclusively by Sinnet.

The company's Chinese partner, Beijing Sinnet Technology co, has purchased the assets for $300 million but Amazon will retain the intellectual property.

This would naturally make life extremely hard for technology firms and their global customers. The company signed a deal with Sinnet back in September 2016. "As a result, in order to comply with Chinese law, AWS" made the business deal.

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In a statement to TechCrunch, the online retail giant said it is not parting ways with its business in China, and will continue to offer the industry-leading cloud services to its customers in China.

"In order to comply with Chinese law, AWS sold certain physical infrastructure assets to Sinnet, " an AWS spokesman said today, adding AWS would still own the intellectual property for its services worldwide.

Chinese firms account for roughly 80 percent of total cloud services revenue in China, and roughly half of the data center market in 2017, according to Synergy Research Group.

Amazon is committed to establish in China, and is looking forward for significant business opportunities and growth potential for the next few years.

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"Chinese law forbids non-Chinese companies from owning or operating certain technology for the provision of cloud services", the USA firm said.

With Alibaba's cloud services expanding rapidly, it looks as if China is resolved to sit on its own cloud.

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