In the last month, China’s highly successful private tutoring companies and many of its top tech companies, including entertainment giant Tencent, online retailer AliBaba and ride hailing app Didi, have all fallen foul of new Chinese government regulations and faced sharp share price falls. Meanwhile the second-largest Chinese property company Evergrande, which has now broken all four ‘red lines’ of prudential guidance issued by the central bank, has had its share price collapse by two thirds and its bond rating slashed to just above junk grade.