Jack Ma Yun's internet empire is under investigation for alleged monopoly practices in China. Previous NextChina began an investigation into alleged monopolistic practices at Alibaba Group Holding (9988) and summoned affiliate Ant Group Co. to a high-level meeting over financial regulations, escalating scrutiny over the twin pillars of billionaire Jack Ma’s internet empire. The State Administration for Market Regulation is investigating Alibaba, the top antitrust watchdog said in a statement without further details. Ant said in a statement on its official WeChat account it will study and comply with all requirements. “Chinese authorities want to see a smaller, less dominant and more compliant firm.”Regulators earlier forced the suspension of the stock market debut of Ant Group, an online finance platform spun off from Alibaba.

Source: The Standard December 24, 2020 04:12 UTC