Regulators jolted financial markets on Nov. 3 by suspending the market debut of Ant Group, the world’s biggest online finance platform. That followed a speech in which Ma criticized regulators as backward and an obstacle to business development. On November 10, regulators followed with an announcement of proposed guidelines on how anti-competition would apply to internet companies. The move to regulate monopolistic power of China’s technology giants sparked a sell-off in Chinese internet stocks. Alibaba owns a third of Ant Group, with Ma owning just over 50 percent, according to the Ant Group prospectus.

Source: The Standard November 23, 2020 15:45 UTC