"stripped of his wealth" and "cede his assets to the state" are very funny ways of saying "was fined after a lengthy investigation into his company's involvement in bribery, money laundering, and violating other business rules." He's still the owner of Alibaba and a billionaire.

There was a three-month period where he went media silent during the investigation, and western outlets like to paint this as though he was censured by the red guards during the cultural revolution, but there's no reason to believe he was doing anything but playing it safe to avoid pissing off the investigators.