China’s Tech Titans Crumble At Xi’s Feet

China’s Tech Titans Crumble At Xi’s Feet

Since peaking in October, Alibaba has now shed more than a quarter trillion in market value. The company's shares dropped another 8% in Hong Kong Monday, coming off a weekend during which Beijing instructed Ant Group to return to its roots as a payment processor and "rectify" a number of alleged infractions. As one headline touted, Ant's unicorn dreams have turned to nightmares. Read more: Ant, Meet Sledgehammer "Any doubts that Ant Group overstepped the mark are now laid to rest," Tim Culpa
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6 thoughts on “China’s Tech Titans Crumble At Xi’s Feet

  1. While the primary objective was certainly Xi bringing down the hammer on Ma, the Chinese government did have some legitimate issues about Ma’s disregard of the risks he would create for Chinese financial institutions.

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