World’s Rich Fled Alibaba After Monopoly Probe, Citi Says

Wealthy investors rushed to offload stock in Alibaba Group Holding Ltd. after China began an investigation into alleged monopolistic practices at billionaire Jack Ma’s internet giant, according to Citigroup Inc.’s private bank.

“A large number” of the bank’s ultra-rich clients from the Europe, the Middle East and Africa region cut or exited their holdings in China’s largest e-commerce firm in December, after reports of the probe emerged, Citi Private Bank’s Lab for Family Offices said in a report released Tuesday. China’s stock market previously attracted significant inflows from the firm’s wealthiest customers in the second half of the year, according to the report.