China is trying to shrink financial and technologial empire of Jack Ma who is best know as founder of Alibaba. This is the main reason why shares of Alibaba are going down depsite the global pandemic still going on and biggest competitor Amazon is still doing well. First problems started when Chinese regulator stoped IPO of Ant Group where Ma's Alibaba is biggest share holder and now ordered them to form separate financial group which will regulated like a bank and this brings door for China to enter this entity as a major player. This is not a good news fo Ma as he would lose part of the control. (Wei, Wall Street Journal)