SHANGHAI—China’s regulatory crackdown has ensnared sectors from technology to education to property, wiping hundreds of billions off the market capitalizations of some of its largest companies and putting investors on alert over who may be next.
Alibaba Group
The woes of China’s biggest e-commerce company began in late 2020 when China abruptly suspended the record $37 billion stock market debut of its financial affiliate Ant Group and later fined Alibaba $2.75 billion for abusing its market dominance.The company’s U.S.-listed shares have shed more than $400 billion in value since late October, when its founder Jack Ma made a speech that blasted China’s regulatory system, which is widely regarded as the trigger for the government backlash that followed.

Tencent Holdings
China’s largest gaming and social media company has lost more than $347.13 billion in market value since its shares reached an all-time high in mid-February.The company has been fined for failing to report past deals to anti-trust regulators, its $5.3 billion plan to merge China’s top two video game streaming sites was blocked, and it has been barred from entering music copyright agreements.
Didi Global
China’s largest ride-hailing company became the target of a cybersecurity investigation by Chinese authorities days after its New York initial public offering in June. Authorities ordered removal of its app from Chinese app stores and barred it from registering new users.Its shares have lost about $37 billion, or more than 40 percent, of their value since it raised $4.4 billion from its June 30 initial public offering (IPO).
