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Shares of BABA were already experiencing volatility after the IPO of its financial arm Ant Financial was canceled in 2020 by the country’s regulators. Alibaba was also fined almost $3 billion for its anti competitive practices, in April this year.
Recently, the Chinese government cracked down on several other tech companies including DiDi Global (DIDI) due to regulatory issues surrounding the tech space. China also announced that companies operating in the education space will not operate for profits that exacerbated this decline.
