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China's biggest companies got that way with at least tacit support from the government, but doubts are growing about where they stand. Since the last-minute suspension of a record stock offering by billionaire Jack Ma's sprawling Ant Group Co., President Xi Jinping's government has steadily trotted out policies seemingly designed to rein in the country's most powerful corporations and their billionaire founders, including Alibaba Group Holding Ltd. (Ant's major backer) and Tencent Holdings Ltd.,
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