{"id":141390,"date":"2020-12-24T17:36:27","date_gmt":"2020-12-24T14:36:27","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/alibaba-stock-plunges-after-china-launches-antitrust-probe\/"},"modified":"2020-12-24T17:36:27","modified_gmt":"2020-12-24T14:36:27","slug":"alibaba-stock-plunges-after-china-launches-antitrust-probe","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/alibaba-stock-plunges-after-china-launches-antitrust-probe\/","title":{"rendered":"#Alibaba stock plunges after China launches antitrust probe"},"content":{"rendered":"

“#Alibaba stock plunges after China launches antitrust probe<\/strong>”
\n<\/p>\n

\n

Alibaba Group\u2019s stock price plunged Thursday as Chinese regulators launched an antitrust investigation into the e-commerce giant.<\/p>\n

Alibaba\u2019s New York-listed shares dropped about 9.9 percent to $230.80 in premarket trading as of 9 a.m. after Beijing\u2019s State Administration for Market Regulation announced the probe, the latest setback for the company\u2019s billionaire founder, Jack Ma.<\/p>\n

The investigation will examine Alibaba\u2019s \u201cchoosing one from two\u201d practice, in which the company requires merchants to sign exclusive agreements barring them from selling products on rival e-commerce platforms.<\/p>\n

The Chinese Communist Party\u2019s People\u2019s Daily news<\/a>paper backed the probe in a stern editorial, noting that tech titans such as Google, Facebook<\/a>, Amazon and App<\/a>le have also faced antitrust scrutiny around the world.<\/p>\n

\u201cThe online economy must be innovative and developed in accordance with laws and regulations,\u201d the editorial read<\/a>. \u201cIf the restrictions of laws and regulations are exceeded, market monopoly, disorderly expansion, and barbaric growth will eventually make the entire industry unable to achieve healthy and sustainable development.\u201d<\/p>\n

Alibaba said it would cooperate with the probe and that it was continuing to operate normally.<\/p>\n

The investigation is China\u2019s latest move to crack down on the giant firms that dominate its growing tech industry. China\u2019s Politburo pledged this month that it would work to tackle \u201cdisorderly capital expansion\u201d after Beijing issued draft rules in November meant to prevent monopolistic behavior by internet companies.<\/p>\n

The probe also delivered another blow to Ma \u2014 China\u2019s third-richest man with a net worth of about $53 billion, according to Bloomberg<\/a> \u2014 after he criticized the country\u2019s regulatory system at a public event in October.<\/p>\n

The following month, Chinese regulators suspended the initial public offering of Ant Group, Ma\u2019s digital payments company, following a meeting with the 56-year-old tycoon and top Ant executives. <\/p>\n

The People\u2019s Bank of China said Thursday that financial regulators would hold another meeting with the company that would \u201cguide Ant Group to implement financial supervision, fair competition and protect the legitimate rights and interests of consumers.\u201d Ant acknowledged that it had received a notice from regulators and said it would \u201ccomply with all regulatory requirements.\u201d<\/p>\n

With Post wires<\/em>\n <\/div>\n

If you liked the article, do not forget to share it with your friends. Follow us on\u00a0Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n

\n

For forums sites go to Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n

\n

If you want to read more News articles, you can visit our News category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n

Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

“#Alibaba stock plunges after China launches antitrust probe” Alibaba Group\u2019s stock price plunged Thursday as Chinese regulators launched an antitrust investigation into the e-commerce giant. Alibaba\u2019s New York-listed shares dropped about 9.9 percent to $230.80 in premarket trading as of 9 a.m. after Beijing\u2019s State Administration for Market Regulation announced the probe, the latest setback…<\/p>\n","protected":false},"author":1,"featured_media":141391,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2020\/12\/Alibaba.jpg?quality=90&strip=all&w=1200","fifu_image_alt":"","footnotes":""},"categories":[70897],"tags":[87636,76474,4973,70358,70934,70359],"class_list":["post-141390","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-12-24-20","tag-alibaba","tag-china","tag-investigations","tag-regulation","tag-stocks"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/141390","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=141390"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/141390\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/141391"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=141390"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=141390"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=141390"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}