China's crackdown on its biggest companies

The company, whose stock has fallen about 40 per cent since its Wall Street listing, could face a multibillion dollar fine or suspension of certain operations as a punishment, Bloomberg reported last week.Beijing has also squeezed out of its market miners and traders of bitcoin and other digital currencies, arresting more than a thousand people for laundering money using cryptocurrencies in June.

Analysts say China fears cryptocurrency transactions could aid illicit investment and threaten government controls on capital outflows. A planned US$35 billion listing by its fintech arm Ant Financial was scrapped by authorities late last year, with Ant ordered to jettison its financial services and return to its roots as an online payment platform.Social media and entertainment behemoth Tencent has come under increasing pressure. The state market regulator shot down plans for a merger between Huya and Douyu, China's two largest video game live-streaming sites that Tencent owns stakes in.

Meanwhile, TikTok parent Bytedance, Tencent and dozens of other private companies were summoned by regulators in April and urged to"heed the warning" of Alibaba.Online platforms with more than a million users have been ordered to submit to cybersecurity reviews before overseas IPOs.

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