[ad_1]
The investigation is part of a campaign targeting anti-competitive practices in China’s growing internet space and is the latest setback for Alibaba founder Jack Ma (Ma Vân). The 56-year-old former professor, China’s most famous businessman.
Last month, Chinese officials suspended an initial $ 37 billion IPO (IPO) under Ant’s plan, just two days before the shares began trading in Shanghai. and Hong Kong. If it happens, it will be the largest IPO in the world.
In an editorial, the sheet People’s diary “If monopolies are tolerated and companies are allowed to expand in an orderly and barbaric way, then the industry (e-commerce) will not prosper in a healthy and sustainable way.”
Alibaba’s share price fell nearly 9% in Hong Kong, its lowest level since July, while rivals Meituan and JD.com fell more than 2%.
Regulators have warned Alibaba about so-called “pick one of two” behavior, in which merchants must sign exclusive partnership agreements that prevent them from offering products on rival platforms.
The State Administration of Market Regulation of China (SAMR) said yesterday that it has launched an investigation into this behavior.
Financial regulators will also meet with the representative of Alibaba’s fintech branch Ant Group in the coming days, according to a statement from the People’s Bank of China also yesterday. This creates speculation about a possible relaunch of the share sale.
The meeting is expected to “instruct Ant Group to exercise financial oversight, compete fairly, and protect the legitimate rights and interests of consumers,” the statement read.
Ant said it has received a notification from regulators and will “comply with all regulatory requirements.” Alibaba said it would cooperate with the investigation and the group’s operations remained normal.
Fred Hu, chairman of Primavera Capital Group in Hong Kong, an Ant investor, said the global market will be watching to see if these moves are “politically motivated” and regulators are taking aim. it targets private or state monopolies.
“It would be a tragedy if antitrust laws were seen as targeting successful private tech companies,” he said.
Ma has not appeared in public since a forum last October in Shanghai, where he accused the Chinese regulatory system of suppressing innovation to annoy officials. Then there were a series of events that led to the postponement of the Ant IPO.
[ad_2]
