Dissecting China’s Crackdown on Its Internet Giants

China’s biggest internet companies got that way with at least tacit support from the government. Now two events have raised doubts about where those internet giants stand: the last-minute suspension of a stock offering by billionaire Jack Ma’s Ant Group Co. due to regulatory pressure, and the introduction of a draft antitrust policy designed to rein in the most powerful, including Ant’s major backer, Alibaba Group Holding Ltd., and Tencent Holdings Ltd., operator of the WeChat super-app. The dou

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