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Alibaba Group Holding Ltd led a second day of frenetic selling among China’s largest tech firms, driven by fears that antitrust scrutiny will spread beyond Jack Ma’s internet empire and engulf the country’s most powerful corporations. Alibaba and its three largest rivals Tencent Holdings Ltd., food delivery giant Meituan and JD.com Inc. have shed nearly $200 billion over two sessions since Thursday, when regulators revealed an investigation into alleged monopolistic practices at Ma’s signature company. That marked the formal start of the Communist Party’s crackdown on not just Alibaba but also, potentially, the wider and increasingly influential tech sphere.

United statesHong kongJackson wongColin sebastianJack maAlibaba group holding ltdAmber hill capital ltdPeople dailyAnt group coAdministration for market regulationChina incTencent holdings ltdCommunist partyAnt groupAntitrust lawState administration