[ad_1]
Alibaba Group’s signage is seen during the company’s 11.11 Singles Day Global Business Festival at its headquarters in Hangzhou, Zhejiang province, China on November 11, 2020.
Aly Song | Reuters
BEIJING – Alibaba shares fell after the U.S. markets closed on Wednesday, as reports revealed that the Chinese government is conducting an anti-monopoly investigation into the tech giant.
CNBC has yet to confirm the information, which was made by Bloomberg and the official Chinese news agency Xinhua.
The news follows a growing – and largely unexpected – push by Chinese authorities to curb their biggest tech companies through regulatory measures.
China’s State Administration for Market Regulation has opened an investigation into Alibaba for monopoly practices, Xinhua said Thursday. The main issue mentioned in the report was a practice that requires traders to choose one of two platforms, rather than being able to work with both.
Alibaba shares traded in New York City fell more than 3% after office hours.
Elsewhere, Alibaba affiliate Ant said it had received a notice from regulators for a meeting on Thursday. Regulators abruptly suspended the fintech giant’s initial massive public offering just days before scheduled listing in Hong Kong and Shanghai last month.
This is the latest news. Please come back for updates.
[ad_2]
Source link