Alibaba U.S.-Listed Shares Tumble Most Ever on China Monopoly Probe
- Regulators summoning Jack Ma’s Ant while Alibaba investigated
- Inquiry is a ‘warning that winds have shifted,’ analyst says
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Alibaba Group Holding’s U.S.-listed shares tumbled the most ever on concern over China’s inquiry into alleged monopolistic practices at the e-commerce company.
Affiliate Ant Group Co., the other pillar of billionaire Jack Ma’s internet empire, was also summoned to a high-level meeting over financial regulations. The pressure on Ma is central to China’s broader effort to rein in an increasingly influential internet sphere: Draft anti-monopoly rules released November gave the government wide latitude to restrain entrepreneurs who until recently enjoyed unusual freedom to expand their realms.