Chinese regulators are planning to split up Alipay, the highly popular payment app controlled by Alibaba’s financial subsidiary, Ant Group. Alibaba’s stock plummeted on the news Monday.

Alibaba’s stock dropped as much as 7% before reducing losses to 4.2% at Monday’s close. Since early November 2020, when Chinese regulators abruptly stopped Ant Group’s massive IPO, wiping roughly $380 billion from Alibaba’s market capitalization, the stock has dropped 46%. In 2011, Jack Ma’s Alibaba set off Ant Group. Alibaba continues to hold a third of the financial firm.

However, the planned split wasn’t the only piece of news that caused the stock to plummet. Investors are also afraid that China may be stepping up its anti-big tech campaign after authorities ordered internet companies, including Alibaba and Tencent, to cease blocking rivals’ links on their platforms.

China’s Ministry of Industry and Information Technology ordered internet companies on Monday to stop blocking rivals’ connections on their platforms, which has been a long-standing practice. Those who do not amend their conduct within an undefined time will be punished, according to the ministry. The sanctions were not specified.

Officials reportedly also want Ant to hand over the user data that informs its lending choices to a new credit score joint venture that would be mostly state-owned. Every month, Alipay, a digital payment app, has over 700 million active users.

While the tech industry has grown uncontrolled over the last decade, officials are becoming increasingly aware of the impact it has on the country’s economy. For example, Ant owns more than half of China’s mobile payments industry.

Apart from Alibaba, other Chinese tech stocks have plummeted as a result of the recent actions. Tencent and Meituan dropped 4.5% and 2.4%, respectively.