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China's CCTV in spotlight after 'Ma' arrest report shakes market

Brief plunge in Alibaba stock erased $27bn in share value

Alibaba founder Jack Ma has been little seen since attacking regulators in a speech in October 2020.   © Reuters

HONG KONG -- An ambiguous news report that sparked a fall in the shares of Alibaba Group Holding became the subject of intense speculation in China on Wednesday.

"The earliest report by CCTV News wiped out tens of billions of Hong Kong dollars' worth of market value from Alibaba's Hong Kong stock," a Shanghai resident said on the Weibo social network. "Is CCTV News suspected of interfering with market order?"

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