China’s antitrust authorities had launched an investigation into Alibaba Group Holding, owned by Jack Ma
Alibaba Group founder Jack Ma, who has come under the scrutiny of the Chinese government since the abrupt suspension of Ant’s $ 37 billion initial public offering (IPO) in Shanghai and Hong Kong, has not been seen in public. for more than two months, according to some media reports. . Reports suggest that Jack Ma did not even show up for the final episode of his own talent show, Africa’s Business Heroes in November, and an Alibaba executive had taken his place on the show.
Alibaba and rivals such as Tencent Holdings face increasing pressure from regulators after amassing hundreds of millions of users and gaining influence in almost every aspect of daily life in China.
Last month, China’s antitrust authorities launched an investigation into Ma’s e-commerce conglomerate Alibaba Group Holding, and China’s central bank asked the group to reorganize its loan operations and other consumer finance operations.
Chinese regulators had earlier abruptly suspended Ant’s successful $ 37 billion initial public offering in Shanghai and Hong Kong. Ant Group’s IPO, which was touted as the world’s largest public offering and was scheduled to be listed simultaneously on the Shanghai and Hong Kong stock exchanges on Nov. 5, was halted in China less than 48 hours before going public. .
Meanwhile, in a speech in October, Jack Ma had attacked Chinese regulators for “delaying the times.”
Jack Ma’s Alibaba is arguably the world’s largest e-commerce company with millions of users and billions of dollars in turnover. It has three main sites, including Taobao, Tmall, and Alibaba.com.
In India, Alibaba has investments in payments company Paytm and its e-commerce arm Paytm Mall, food delivery company Zomato, online supermarket BigBasket, and online retailer Snapdeal, among others.
.
