Hong Kong (CNN Business) Alibaba CEO Daniel Zhang has described plans by Chinese regulators to tighten restrictions on internet companies as "timely and necessary." Alibaba BABA in the company and other Chinese tech giants plunging earlier this month. That came after officials slammed the brakes on the blockbuster IPO of Ant Group, Alibaba's financial affiliate, following public criticism by founder Jack Ma of Chinese regulators. News of an imminent crackdown sent sharesin the company and other Chinese tech giants plunging earlier this month. That came after officials slammed the brakes on the blockbuster IPO of Ant Group, Alibaba's financial affiliate, following public criticism by founder Jack Ma of Chinese regulators.

Source: CNN November 23, 2020 10:07 UTC