The Wall Street Journal has a long piece about how China's government and Communist Party is taking a hard line toward Alibaba, often seen as the Chinese answer to Amazon.
Here's an excerpt:
"Under founder Jack Ma, Alibaba Group Holding Ltd. had regulators and local officials in its corner as it grew into a Chinese version of Amazon.com Inc. Chinese President Xi Jinping’s recent crackdown on the empire of China’s best-known entrepreneur has put an end to that.
"Since late last year, Alibaba has been in Beijing’s crosshairs, along with its financial affiliate Ant Group Co. Regulators already have come down hard on Ant, which they consider a risk to the financial system, forcing it to make changes that will severely hamper its prospects.
"Alibaba, though, appears destined for softer treatment. Officials familiar with Beijing’s thinking said regulators don’t want to crush a technology powerhouse popular with both Chinese households and global investors - as long as it disassociates itself from its flashy and outspoken founder and aligns itself more closely with the Communist Party.
"Antitrust regulators are considering levying a record fine against Alibaba exceeding the $975 million that Qualcomm Inc. paid in 2015 over anticompetitive practices, so far the largest in China’s corporate history, according to people with knowledge of the matter."
The crackdown, the Journal writes, "comes as China’s leaders refashion their relationship with the country’s internet giants, whose troves of data, deep coffers and reach across all aspects of Chinese life have increasingly made them a national-security concern."
You can read the story here.