Xi Jinping and CCP fear the emergence of another Ant Group, given it can become a parallel power centre and threaten the leadership of Xi Jinping. The witch hunt of Jack Ma and his Ant Group was a result of the vulnerability that the all-powerful Jinping felt. Now as the economic situation is precarious, and the country is faced with no solution to boost the economy in sight, CCP is all set to destroy ByteDance as it cancels its IPO.