China CCP to Nationalize Jack Ma’s Alibaba and Ant Group – Report Reply

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.


Leave a Reply

Fill in your details below or click an icon to log in: Logo

You are commenting using your account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s