Alibaba fell 8% in Hong Kong on Thursday, and extended-hours U.S. trading as China authorities opened a probe into the tech giant’s monopolistic practices, reports CNBC. China’s State Administration for Market Regulation cites Alibaba’s practice that forces merchants to choose one of two platforms, rather than work with both.
- Chinese authorities will meet with Alibaba-affiliate Ant to supervise the company on issues such as operating in a market-oriented way and considering customers’ rights and interests.
- The news of the Alibaba lawsuit comes when Chinese authorities have initiated a rein on its biggest tech firms through regulatory action.
- Last month, China’s regulators unexpectedly suspected Ant’s massive initial public offering, days before its planned listing in Hong Kong and Shanghai.
Alibaba stock is currently declining. 9988: HKG is down 8.13%