China's 'unprecedented' crackdown stunned private enterprise. One year on, it may have to cut business some slack

On November 2, 2020, Jack Ma's Ant Group was gearing up for the biggest initial public offering in history.

One day later, it all fell apart.

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.