Readthrough For Rest Of U.S.-listed Chinese Companies: U.S.-listed Chinese companies, especially the big tech companies, are already under regulatory scrutiny. The effect is there for all to see. Most of these stocks have now lost over half of their market capitalization, hurt by the regulatory overhang. Alibaba Group Holding Limited BABA was the first high-profile Chinese company to face the backlash in late 2020 following comments from its flamboyant founder Jack Ma regarding excessive government regulation. The regulatory net then widened to include other Internet and for-the-profit education companies.