Beijing has stepped up corporate regulatory enforcement this year, though analysts say it's unlikely to pursue a repeat of the 2021 crackdown that wiped out more than $1 trillion from Chinese tech stocks. Since January, officials have opened a formal antitrust probe into the country's largest online travel agency Trip.com and summoned a dozen tech giants — including Alibaba, Tencent, ByteDance's Douyin, Baidu, JD.com and Meituan — over aggressive price competition and promotional claims ahead