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Alibaba Probe Stirs Worry About What’s Next for Chinese Tech

  • Investors flee biggest names from Tencent to Meituan and JD
  • Probe coincides with a clampdown on part-owned Ant Group
Bloomberg business news
Watch: Beijing’s crackdown on Alibaba has cast a shadow over China’s biggest tech companies. (Source: Bloomberg)
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Alibaba Group Holding Ltd. led a second day of frenetic selling among China’s largest tech firms, driven by fears that antitrust scrutiny will spread beyond Jack Ma’s internet empire and engulf the country’s most powerful corporations.

Alibaba and its three largest rivals -- Tencent Holdings Ltd., food delivery giant Meituan and Inc. -- have shed nearly $200 billion in Hong Kong over the two sessions since Thursday when regulators revealed an investigation into alleged monopolistic practices at Ma’s signature company. 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.