Amazon sells part of Chinese cloud computing business

Amazon sells part of Chinese cloud computing business

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

Amazon Web Services (AWS) has sold some of its Chinese cloud assets in a bid to comply with increasingly strict regulations in the country.

Beijing Sinnet Technology Co Ltd, Amazon's China partner, said in a filing late yesterday that it would buy the USA firm's Amazon Web Services (AWS) public cloud computing unit in China for up to 2 billion yuan ($301.2 million), according to the report.

In a TechCrunch article it was explained that Chinese law does not allow certain technologies to be owned by non-Chinese companies, so a transaction was required to continue the partnership between the companies in China. AWS runs a separate hardware venture in collaboration with the Ningxia provincial government in China's northwest, according to Reuters. The service has outperformed its competitors throughout the world with a market share of over 40% globally in 2016, much more than Microsoft and Alibaba, according to Gartner.

A Cyber Security Law (CSL) came into effect back in June, requiring certain companies to hold data within China and to undergo on-site security laws. Sinnet urged its customers to avoid using virtual private networks (VPNs), which outsmart China's Great Firewall.

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In other news , EVP Matt Carey sold 29,357 shares of the business's stock in a transaction dated Wednesday, August 17th. The firm has "Buy" rating given on Wednesday, August 19 by Vetr . (The) in a research note on Wednesday, August 16th.

Amazon has sold some of its cloud computing infrastructure in China to its local partner in a deal worth $300m, a move it said was necessary in order to comply with the country's tech regulations.

Foreign firms in China have long complained about local restrictions that appeared to favour domestic players.

Earlier this year Apple transferred data to China-based companies.

Amazon shares acquired 50 cents to $1,129.67 mid-morning Tuesday.

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