Beijing's decision to yank the $37 billion IPO was just the start of a sweeping crackdown that has become one of the most consequential realignments of private enterprise in China's history. 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.
China's regulators aren't alone in moving to restrict what they see as overly powerful companies, especially in Big Tech. Authorities in the United States and Europe have also moved over the last year to rein in unruly players by proposing new antitrust laws or trying to regulate data and online content.
But the speed and ferocity with which Chinese authorities have acted against the country's corporate titans have startled even the closest China watchers.