In April 2021, the State Administration for Market Regulation fined Alibaba 18.228 billion yuan.

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 had a thorough understanding of Alibaba's various business data and operational model. The data was detailed and the logic was rigorous.

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