简体中文
繁體中文
English
Pусский
日本語
ภาษาไทย
Tiếng Việt
Bahasa Indonesia
Español
हिन्दी
Filippiiniläinen
Français
Deutsch
Português
Türkçe
한국어
العربية
Abstract:Alibaba shares fell as much as 9% on Tuesday after a state media report that Chinese authorities had taken action against an individual surnamed Ma, but recouped losses after those reports were revised to make clear it was not the companys founder.
State broadcaster CCTV first reported that authorities in the city of Hangzhou, Alibabas headquarters, had taken action against an individual surnamed Ma, whose name consisted of two Chinese characters, suspected of using the internet to engage in activities endangering national security.
The broadcaster later revised the article to make clear that the individual in question had a three-character name, indicating that it was not billionaire Alibaba founder Jack Ma.
A spokesperson for Alibaba did not immediately respond to a Reuters request for comment on the media report.
Alibaba stock dropped as much as 9.4% in early trading in Hong Kong in a firmer broader market. It later pared most of its losses and was trading down 1.1% by 0310 GMT.
“Talk that a guy with the surname Ma in Hangzhou helped out an investigation triggered the panic, but as clarification came up… (it helped) calm down the market,” said Steven Leung, a sales director at brokerage UOB Kay Hian.
Shares of Alibaba and other Chinese internet companies have been under pressure in the last couple of years amid an unprecedented regulatory crackdown on the sector for violations of antimonopoly, data privacy, and other rules.
Authorities cracked down on Mas business empire after he gave a speech in Shanghai in October 2020 accusing financial watchdogs of stifling innovation.
Regulators suspended the $37 billion listing of his fintech firm Ant Group two days before its planned debut on Nov. 5, 2020, ordered that Ant be restructured and launched antitrust investigations into Mas businesses, eventually leading to a record $2.75 billion fine for Alibaba in April 2021.
Disclaimer:
The views in this article only represent the author's personal views, and do not constitute investment advice on this platform. This platform does not guarantee the accuracy, completeness and timeliness of the information in the article, and will not be liable for any loss caused by the use of or reliance on the information in the article.
Learn how Nonfarm Payrolls (NFP) reports impact Forex market movements, USD currency trends, and Federal Reserve interest rates, which are crucial for traders and financial analysts globally.
PayPal completes its first PYUSD business payment, showcasing the future of stablecoin adoption in global business transactions and cross-border payments.
This article explains the ins and outs of a cherry-picking scheme that happens widely in the financial markets. Understanding how cherry-picking works and spotting the warning signs can help traders protect themselves from these deceptive practices.
The Belgian Financial Services and Markets Authority (FSMA) has issued a public warning about a growing form of fraudulent activity known as "recovery room fraud." The FSMA has identified seven companies suspected of engaging in recovery room scams.