Internet companies are using the threat of government action as a cudgel against rivals. That could make the Communist Party the ultimate arbiter over the industry.
High-profile business leaders have been detained, sidelined or silenced as the Communist Party moves forcefully to keep companies in line. Today, the best strategy is to lie low.
Investors in what would have been the world’s largest share sale are getting refunds, as Beijing shows entrepreneurs the importance of listening to the Communist Party.