Jiang Zhicheng

Alibaba, the Chinese e-commerce conglomerate that made the biggest IPO in U.S. history last September, had over $30 billion wiped from its market capitalization in two days ending yesterday. That was just after it got into a rare public brawl with a Chinese regulator, an apparent signal that its political fortunes have shifted decisively under the Xi Jinping administration.

Alibaba, the Chinese e-commerce conglomerate that made the biggest IPO in U.S. history last September, had over $30 billion wiped from its market capitalization in two days ending yesterday. That was just after it got into a rare public brawl with a Chinese regulator, an apparent signal that its political fortunes have shifted decisively under the Xi Jinping administration.