China targets Jack Ma’s Alibaba empire in monopoly probe
- Posted by: vitu
- Categories: Business, World
BEIJING (BLOOMBERG) – China kicked off an investigation into alleged monopolistic practices at Alibaba Group Holding and summoned affiliate Ant Group, to a high-level meeting over financial regulations, escalating scrutiny over the twin pillars of billionaire Jack Ma’s internet empire.
The State Administration for Market Regulation is investigating Alibaba, the top antitrust watchdog said in a statement on Thursday (Dec 24) without further details. Regulators including the central bank and banking watchdog will separately summon affiliate Ant to a meeting intended to drive home increasingly stringent financial regulations, which now pose a threat to the growth of the world’s biggest online financial services firm. Ant said in a statement on its official WeChat account it will study and comply with all requirements.