Top Chinese internet giants have seen hundreds of billions slashed from their market value in 2021, as the ongoing regulatory storm and bolder enforcement spooked investors.
From Jan. 26 to Dec. 28, Nasdaq-listed e-commerce giant Pinduoduo Inc. posted a 67% decline in its market cap, which fell from 1.38 trillion yuan ($216.5 billion) to 450 billion yuan. Alibaba Group Holding Ltd., the New York-listed e-commerce behemoth slapped by a record high antitrust fine, also saw its market value drop 57% to 1.99 trillion yuan.
