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Alibaba Recovers After Report on ‘Ma’ Briefly Erased $26 Billion

  • Shares dive as much as 9.4% before rebounding in Hong Kong
  • The two-sentence report jarred already nervous China investors
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WATCH: A brief bout of concern about the fate of Alibaba co-founder Jack Ma triggered wild swings in shares of the e-commerce company.Source: Bloomberg
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A brief bout of concern about the fate of Alibaba Group Holding Ltd. co-founder Jack Ma triggered wild swings in shares of the e-commerce company on Tuesday, underscoring continued investor anxiety toward China’s tech sector after a year-long crackdown.

Alibaba plunged as much as 9.4% in Hong Kong, erasing about $26 billion of market value, after state broadcaster CCTV reported that authorities in the company’s home base of Hangzhou had imposed curbs on an individual surnamed Ma.