(Bloomberg) -- Few people could have predicted the downward spiral for Alibaba Group Holding, when founder Jack Ma delivered a blunt criticism of China’s financial system last October.
Most Read from Bloomberg
- Cities' Answer to Sprawl? Go Wild.
- Why Americans and Britons Are Rushing to Buy Idyllic Homes in Italy
- Hamburg Is at the Heart of Germany’s Growing Dilemma Over China
- One of California’s Wealthiest Counties Could Run Out of Water Next Summer
- The Top Money Maker at Deutsche Bank Reaps Billions From Singapore
Yet one year on, the technology titan has lost a whopping $344 billion in market capitalization -- the biggest wipe-out of shareholder value globally, according to data compiled by Bloomberg. Shortly after the now infamous speech, Beijing suspended the listing of its fintech arm Ant Group and has since followed up with a widespread crackdown on the country’s most vibrant sectors -- causing Chinese stocks to tank.
Alibaba shares sank from an all-time high that month to a record low three weeks ago in Hong Kong, as Beijing stepped up its scrutiny of the company’s practices and urged a restructure of its fintech business. Despite a 30% recovery from Oct. 5, the stock is still 43% lower than its October 2020 peak.
Most Read from Bloomberg Businessweek
- Colombia’s Rain Shaman Got Paid to Stop the Storms, Until He Couldn’t
- How Donald Trump, Elon Musk, and Gwyneth Paltrow Short-Circuit Your Ability to Think Rationally
- What My Brain Scan Revealed About the Science of Persuasion
©2021 Bloomberg L.P.