The share price of Jack Ma’s e-commerce giant Alibaba Group plunged nearly 8% on Monday as trading resumed after Hong Kong’s Christmas weekend, closing at HK$210 (US$27). The group’s value has shrunk by HK$2 trillion since its share price peaked at the end of October.

The group’s announcement on Monday that it would increase its share buyback from US$6 billion to US$10 billion has not stopped the fall of its share prices. The buyback scheme, which commenced earlier this quarter, will be effective for two years, the group said.

Alibaba Group’s market value reached HK$6.588 trillion on Oct. 28 as the share price hit a peak of HK$307, driven by optimism over the enormous initial public offering planned by Ant Group. Alibaba owns one-third of the fintech giant.

But authorities called off Ant Group’s listing just days before it was scheduled in Hong Kong and Shanghai, in early November. That was followed by last week’s announcement of an anti-monopoly investigation into Alibaba, driving the share price of Ma’s company further down, approaching 2019′s closing price of HK$207.2. This nearly wiped out the surge in value it achieved in 2020.

Ma’s wealth has shrunk by HK$72.3 billion in two months based on his 3.53% stake in Alibaba Group, according to Bloomberg data.

The share prices of Ali Health and Alibaba Pictures, both under the Alibaba Group umbrella, also saw the same fate. Ali Health’s shares fell by 13% to HK$20.55, shrinking the company’s valuation by HK$72.646 billion in just two days. The price of Alibaba Pictures shares dropped by 4%.

However, Yunfeng Financial, also backed by Ma, saw a 4% uptick in its share price to HK$3.08.

Dickie Wong, the executive director of research at Kingston Securities, has said he is not optimistic about Alibaba Group’s share price. Wong has advised investors to sell rather than buy the group’s shares, noting that regulators’ anti-monopoly policies are directly targeting the internet financing of Alibaba and Ant Group.

The crackdown on Alibaba and Ant Group could mean that the companies, particularly Ant Group, might not be able to operate as they have in the past, said Wong. It might remain, at best, as a company focusing on e-payment rather than operating as an online commercial bank, he added. Wong believes Alibaba’s share price will continue to drop.

The investigation by Chinese regulators into Alibaba’s alleged monopolistic practices affect not only Ma’s empire, but also other major tech companies in the country.

The recent crackdown on Ant Group and Alibaba, followed by fines imposed on Alibaba and Tencent, are widely seen as Beijing’s first steps in curbing the influence of China’s mega tech companies.

Monday also saw the share prices of Alibaba’s rivals, Tencent and Meituan, fall more than 6%.

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