. China’s Business Crackdown, Corruption Probe Casts Pall Over Alibaba’s Hometown « JO LEE MAGAZINE

First, a mega-IPO was canceled. Then, leopards went missing. Now, an expanding corruption probe is the latest sign that one of China’s high-tech engines has lost its national darling status. For years, Hangzhou has flown high as the hometown of e-commerce giant Alibaba and other major companies. The city’s success, or so the story goes, came about partly because local officials allowed entrepreneurs to bend the rules to develop their businesses faster in the nascent days of Chinese capitalism…https://www.washingtonpost.com/world/asia_pacific/china-hangzhou-probe-alibaba/2021/08/23/4781fe9c-03c3-11ec-b3c4-c462b1edcfc8_story.html

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