Jack Ma Yun's internet empire is under investigation for alleged monopoly practices in China. China 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. Shares gave up 7.81 percent at HK$229.00 at the close today in a shortened trading session. The State Administration for Market Regulation is investigating Alibaba, the top antitrust watchdog said in a statement without further details. “It’s clearly an escalation of coordinated efforts to rein in Jack Ma’s empire, which symbolized China’s new ‘too-big-to-fail’ entities,” said Dong Ximiao, a researcher at Zhongguancun Internet Finance Institute.

Source: The Standard December 24, 2020 03:00 UTC