I don't know about biggest equity holder, but he's a placeholder for which faction runs the company. Jack Ma's company was financed and invested in to start by members of Xi's predecessor. Xi is eliminating all alternate power centers in China. There should only be the party, CCP. Xi is consolidating power across China. He's preparing China for demographic and financial collapse and the survival of the CCP. He knows Chinese have become soft. That's why he's fighting to eliminate effeminate males and the whole culture that's come to define the boy band look. He wants to prepare Chinese people to take on a tough hard scrabble life that is about to befall them.