Text size As the year draws to a close, global investors face increasing risks related to China, even as the country offers long-term opportunities. No one got a harsher reminder of that fact this past week than Jack Ma, the billionaire founder of Chinese e-commerce giant Alibaba Group Holding (ticker: BABA), as China’s government decided on Christmas Eve to crack down on the sprawling and hugely successful business. Beijing launched an antitrust investigation into Alibaba, while Ant Group, the company’s finance unit, was summoned to meet with banking watchdogs to discuss financial regulations. In other words, Alibaba must play by China’s rules.