BEIJING (Sputnik) – An anti-monopoly investigation has been initiated in opposition to Chinese e-commerce large Alibaba Group, the State Administration for Market Regulation mentioned on Thursday.
“The State Administration for Market Regulation, in accordance with the received complaint, has initiated an investigation against Alibaba company on suspicion of a monopoly,” the authority mentioned.
According to the Wall Street Journal, Ma’s supply didn’t assist to salvage the IPO since Beijing was angered by his criticism of the federal government’s extreme rules within the nationwide monetary trade, which he seen as a significant impediment for the expansion of recent monetary providers and improvements. Chinese President Xi Jinping reportedly personally ordered Chinese regulators to review potential dangers posed by Ant Group and droop the IPO.
Media reported on Monday, citing sources, that the co-founder of Alibaba Group, Jack Ma, provided at hand over elements of his financial-technology large Ant Group to the Chinese authorities in an try to avoid wasting the corporate’s preliminary public providing (IPO) that was suspended by the Shanghai Stock Exchange on 3 November.
Alibaba Group owns 33 % of Ant Group, headquartered within the japanese Chinese metropolis of Hangzhou. The firm has a number one place in China in cell funds, and it additionally affords credit score, insurance coverage and asset administration providers by way of cell functions.