The company, China’s largest online shopping portal, has been in the crosshairs of authorities in recent months over concerns of its reach into the daily finances of ordinary Chinese people. In November, financial regulators pulled the plug on the record $35 billion Hong Kong-Shanghai initial public offering of Alibaba’s online payment subsidiary Ant Group. A month later, officials opened an investigation into Alibaba’s business practices, deemed anti-competitive and Ma disappeared from public view until mid-January. An Alibaba spokesperson declined to comment on the report when contacted by AFP. Once finalized, measures against Alibaba will need to be approved by China’s top leadership.

Source: Manila Times March 12, 2021 04:52 UTC