By Jacob J, International Business Times
Reports from China indicate that the Chinese government may be working on a plan to nationalize Jack Ma’s Alibaba and the Ant Group. China’s ruling Chinese Communist Party (CCP) has gone further ahead with the antitrust investigation into e-commerce giant Alibaba.
“Based on tip-offs received by the State Administration for Market Regulation in recent days, the administration will be investigating Alibaba … for suspected monopolistic activities,” the government said.
The investigating agencies had set up an office at the Alibaba headquarters in November. Apart from the e-commerce giant, investigators are also probing social media giant Tencent and e-commerce company Meituan.
The news of the government’s plan to enforce more curbs on Alibaba sent its stock spiraling down as much as 8 percent. Alibaba said in a statement it would cooperate with any investigation. “Today, Ant Group received a meeting notice from regulators,” Alibaba said in a statement.