One day later, it all fell apart.
In the year that followed, the Chinese government’s regulatory might has changed industries ranging from tech and finance to gaming, entertainment and private education.
But the speed and ferocity with which Chinese authorities have acted against the country’s corporate titans have startled even the closest China watchers.
“The latest regulatory tightening cycle is unprecedented in terms of duration, intensity, scope, and velocity,” analysts from Goldman Sachs wrote in a recent research report.
The campaign has wiped out more than $1 trillion worldwide from the market value of Chinese companies. It has sent chills through the wider economy and stoked fears about the prospects of future innovation and growth in China.