SI
SI
discoversearch

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor.  We ask that you disable ad blocking while on Silicon Investor in the best interests of our community.  If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.
Technology Stocks : Alibaba Group Holding Limited
BABA 111.96-8.2%Dec 3 4:00 PM EST

 Public ReplyPrvt ReplyMark as Last ReadFilePrevious 10Next 10PreviousNext  
From: Glenn Petersen12/23/2020 9:46:52 PM
   of 794
 
Alibaba shares fall after reports of anti-monopoly probe by China

PUBLISHED WED, DEC 23 20208:13 PM EST
UPDATED WED, DEC 23 20208:57 PM EST
Evelyn Cheng @CHENGEVELYN
CNBC.com

KEY POINTS

-- Shares of Alibaba fell as reports surfaced that the Chinese government is conducting an anti-monopoly probe into the tech giant.

-- China’s State Administration for Market Regulation said through official online channels Thursday it has opened an investigation into Alibaba over monopolistic practices.

-- The news comes on the heels of an increasing — and largely unexpected — push by Chinese authorities to rein in their biggest tech firms through regulatory action.

BEIJING — Shares of Alibaba fell in both Hong Kong and extended-hours U.S. trading as reports surfaced that the Chinese government is conducting an anti-monopoly probe into the tech giant.

China’s State Administration for Market Regulation said through official online channels Thursday it has opened an investigation into Alibaba over monopolistic practices. The primary issue named was a practice that forces merchants to choose one of two platforms, rather than being able to work with both.

The news comes on the heels of an increasing — and largely unexpected — push by Chinese authorities to rein in their biggest tech firms through regulatory action.

An Alibaba representative did not immediately respond to a CNBC request for comment. Bloomberg first reported the news, which was announced by Chinese state news agency Xinhua.

Hong Kong-listed shares of Alibaba dropped more than 6% shortly after markets opened Thursday.

New York-traded shares of Alibaba fell more than 3% in after-hours trading on Wednesday.

Separately, Alibaba-affiliate Ant announced it received a notice Thursday from regulators for a meeting. Last month, regulators abruptly suspended the financial technology giant’s massive initial public offering just days before the planned listing in Hong Kong and Shanghai.

This is breaking news. Please check back for updates.

Story Link
Report TOU ViolationShare This Post
 Public ReplyPrvt ReplyMark as Last ReadFilePrevious 10Next 10PreviousNext