It’s expected regulators poking around Tencent, did anyone really think the regulation trend was only due to Jack Ma’s speech. Couple things to keep in mind. One, many of China’s large tech’s business practices would be easily ruled illegal in the US, e.g. BABA’s two-pick-one and Tencne’t disabling links to competitors’ content within wechat (Douyin). Two, the Tech companies have been using massive subsidies to gain share and kill off off-line competitors before they ultimately raise prices, e.g. online grocery, a practice probably would be illegal in the US. Three, the Gov is focusing on catching up with US on hardcore engineering (Semi, OS) and prefers these guys to contribute to that effort vs. disrupting fruit/vegetable sellers via massive subsidy or creating systemic financial risks by lending to billions of people using bank’s money without taking on any risks.