In April 2021, the State Administration for Market Regulation imposed a fine of 18.228 billion yuan on Alibaba.

At this time, it has been 2 years since Wang Xing said "2019 was the worst year in the past decade, but it will be the best year in the next decade."

In that penalty announcement, the regulatory authorities were well aware of Alibaba's various business data and operational models. The data is detailed and the logic is rigorous.

At that moment, I had one feeling: the internet dividend is really gone.