a) Delivery
Since 2025, Alibaba used massive subsidies to compete with Meituan.
b) Micro-loan facilitation
In 2025, the industry faced regulatory crackdown on high fees or high APR, while Alibaba’s Ant Group operates at lower APR segment.
c) OTA
Trip.com (previously CTrip), the leader in China OTA, is targeted by regulators recently for antitrust issues.
d) PDD
In e-commerce, the industry faced some scrutiny and PDD is being probed.