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. The company’s American depositary receipts fluctuated before closing Monday largely unchanged, after a historic 13% slide the previous session. Volume surged to several times the 12-month daily average, reflecting doubt over what’s going to happen next. “There is still very big selling pressure on firms like Alibaba, Tencent or Meituan. Ma, the flamboyant co-founder of Alibaba and Ant, has all but vanished from public view since Ant’s IPO got derailed last month.

Source: Mint December 29, 2020 01:18 UTC