It may seem like ancient history now, but back in January the great WallStreetBets short squeeze was all the rage, having sent heavily shorted meme stocks like GME and AMC to unprecedented heights as millions of retail daytraders used their Robinhood account to pile on and buy in wave after seemingly endless wave in the process crushing reputable hedge funds such as Melvin Capital which needed multi-billion capital infusions to avoid being margin called to death.

Investors' concerns over the regulatory crackdown has led to sharp sell-offs on China's share markets, reducing the market capitalisation of some of its largest companies including Alibaba Group Holding Limited.