Jack Ma's Alibaba and Ant targeted by China regulators
Antimonopoly probe into e-commerce group hits shares across tech sector
The State Administration for Market Regulation said it is investigating alleged Alibaba practices, such as requiring vendors to exclusively list their products on its platforms. (Nikkei montage/Getty Images/AP)
HONG KONG -- Chinese authorities launched an antimonopoly investigation against e-commerce company Alibaba Group Holding and summoned executives at its Ant Group finance affiliate for talks, in a sign that Beijing is heightening its crackdown on Jack Ma's business interests and the power of the country's tech giants.
Alibaba's shares fell sharply in response to the probe. Its Hong Kong-traded shares ended 8.1% lower at HK$228.20.