This is largely in line with changes in the regulatory landscape of China and particular the tech sector overall. Up until now China has let private business do

This is largely in line with changes in the regulatory landscape of China and particular the tech sector overall. Up until now China has let private business do whatever it wants with economic growth as pretty much the only goal but just like anywhere else it's created a big rift between social outcomes and market outcomes. Over the last few years the language has changed from growth in a quantitative sense to a qualitative sense. Equity is a big concern in China nowadays with high levels of inequality, even old Communist sentiments reemerging in particular online among poorer demographics, 'ethics', 'reasonable corporate behavior' are phrases that nowadays pop up often in laws and party publications as well. I think people should be cautiously optimistic about this because the fact that China is passing laws with real teeth that take welfare in a broad sense into account rather than just continuing with brute growth even if it hurts stock valuations short term is an indicator that governance is able to take a somewhat longer look.