China launches antitrust investigation into tech giant Alibaba

China launches antitrust investigation into tech giant Alibaba

HONG KONG / BEIJING (Reuters) – China has launched an antitrust investigation into the Alibaba group and will summon the subsidiary of tech giant Ant Group to meet in the coming days, regulators said in the latest Thursday. blow to Jack Ma’s e-commerce and fintech empire.

The probe is part of an accelerated crackdown on anti-competitive behavior in China’s booming internet space and the latest setback by Ma, the 56-year-old former school teacher who founded Alibaba and has become China’s most famous entrepreneur.

This follows China’s dramatic suspension last month of Ant’s initial $ 37 billion public offering, which was set to be the largest in the world, just two days before its shares began to sell. trade in Shanghai and Hong Kong.

In a heavily edited editorial, the People’s Daily of the ruling Communist Party said that if “monopoly is tolerated and businesses are allowed to develop in a haphazard and barbaric manner, the industry will not develop in a healthy and …

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