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China launches antitrust investigation into Alibaba

By Laura He, CNN Business
Updated 0947 GMT (1747 HKT) December 24, 2020

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Hong Kong (CNN Business) — China has launched an antitrust investigation into Alibaba (BABA) as it
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The State Administration for Market Regulation, China's top market regulator, said Thursday that koniec roku.

it would probe alleged monopolistic behavior by Alibaba, Jack Ma's online shopping and cloud
computing giant. It gave few details but said it would investigate the company's practice of Otwórz
requiring merchants to sign agreements that prevent them selling products on rival platforms,
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Separately, the People's Bank of China announced that the country's four financial regulators will
summon Ant Group, Alibaba's financial a liate, to a meeting in the coming days. The meeting
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would "guide Ant Group" to implement financial supervision and regulate its services, the central
bank said in a statement.

The intense scrutiny comes just weeks after Chinese o cials forced Ma to cancel Ant Group's
planned initial public o ering at the last minute. It would have been the world's biggest stock
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Shares in Alibaba slumped in Hong Kong, closing down 8% in a shortened trading session on
Thursday. The stock has now plunged 26% — wiping more than $240 billion from Alibaba's
market value — since its late October peak, hit shortly before the Ant Group IPO was pulled. (On
Wall Street, Alibaba fell nearly 7% in premarket trading.) US says Iranian- Arnold
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The regulatory moves are the latest in a string of actions taken by Beijing to tighten the screws 'almost certainly… for new Voting…
on its national tech champions.

Alibaba, which was founded in 1999, has quickly transformed into a sprawling tech empire
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touching every aspect of Chinese life. Its e-commerce platforms boast hundreds of millions of
users and dominate China's online retail sector. Ant Group is also the country's biggest online
payments platform, o ering everything from investment accounts and micro savings products to
insurance, credit scores and even dating profiles.

Days after the Ant Group IPO was pulled in early

November following public criticism by Ma of Chinese
regulators, the SAMR revealed new guidelines that it
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The group buying model has gained in popularity in China in recent years, especially during the
coronavirus pandemic as people relied increasingly on online shopping for goods or services.
The SAMR said Wednesday it was concerned that the model enabled dumping of goods at
unreasonably low prices, hurting employment in other sectors of the economy. Dominion sends legal Analysis: This is
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Alibaba said Thursday that it had received notification from the regulator that an "anti-monopoly" media figures… presidency was…
investigation has been initiated. "Alibaba will actively cooperate with the regulators on the
investigation," it said in a statement.

Ant Group also said that it will "seriously study and strictly comply with all regulatory A preschool teacher A judge rules that a
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Other Chinese tech shares trading in Hong Kong were also under pressure on Thursday. Tencent
(TCEHY), JD.com (JD) and Meituan all fell more than 2%.

— Shawn Deng contributed to this article.

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