- Alibaba (NYSE:BABA) shares fell 8% in Hong Kong and around 3.5% in U.S. on Thursday after-hours following reports that Chinese authorities have launched an anti-monopoly investigation against the company and will summon affiliate Ant Group over financial regulations, source CNBC.
- The market regulator said it was looking into Alibaba's policy of “choose one of two,” which requires its business partners to avoid dealing with competitors.
- A meeting will also be held with Ant Group in the coming days, according to a statement by the People’s Bank of China.
- The meeting would “guide Ant Group to implement financial supervision, fair competition and protect the legitimate rights and interests of consumers,” the statement said.