Jack Ma Yun's Alibaba Group is facing regulatory scrutiny in the mainland. Alibaba Group Holding led a second day of frenetic selling among China’s largest tech companies on Wall Street on Monday. That marked the formal start of the Communist Party’s crackdown on not just Alibaba but also, potentially, the wider and increasingly influential tech sphere. “It is very hard to predict the outcome of the Chinese government’s ongoing investigation into Alibaba and other large consumer internet platforms,” Baird analyst Colin Sebastian wrote in a note. The day’s Hong Kong trading was also fierce: Alibaba fell by 8 percent Monday, shedding US$270 billion of value since its October peak, while Tencent and Meituan both tumbled more than 6 percent.

Source: The Standard December 29, 2020 01:41 UTC