> It is in fact a conspiracy theory. But a small reminder that conspiracy theory doesn't tell you anything about the truthfulness, e.g. that the Iraq War was based on made-up evidence was a conspiracy theory.

I think that's interpreting the term "conspiracy theory" more broadly than it's typically used. IMHO, colloquially it pretty much only refers to outlandish theories, based little to no actual evidence, and usually requiring a conspiracy so impossibly large and impossibly well executed that it beggars belief.

I don't think the idea that Jack Ma is being targeted by the CCP is just a plausible theory, not a conspiracy theory (in the colloquial sense). You have a group with the motive, means, and MO to do so, you just need to find the proof.