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China targets ‘Alibaba’ in monopoly probe

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China targets well-established e-commerce company Alibaba in the monopoly probe. The government ordered an investigation into the company. Chinese regulators have launched an investigation into the siege of Alibaba, a company founded by Jack Ma, after receiving an order to investigate. It is alleged that the ambassador provided the information to Alibaba’s online finance spin-off group, Ant Group, in an attempt to put pressure on e-commerce companies. The Market Supervision Administration on Thursday said it had ordered an investigation into Alibaba Group Holdings’ so-called monopoly policy.

According to the information received, the People’s Bank of China, the China Banking Regulatory Commission, and the China Security Regulatory Commission will also meet with the Ant Group to discuss “supervision and guidance.” This is a payment system that Ant Group is working on to develop Ali Pay.

Alibaba’s shares fell 5.6 percent shortly after the opening of the Hong Kong Stock Exchange on Thursday morning. The company suffered the loss shortly after the news broke of Alibaba Group. Regulators, on the other hand, had previously warned the company about Alibaba’s “choose one of two” practices. The Chinese government is now reacting to Alibaba Group’s monopoly practices. However, according to an editorial in the People’s Daily, efforts are being made to curb monopolistic and anti-competitive practices in order to improve and promote the socialist market economy.

As Ant Group, Ant Financial and Ali Pay were preparing for the world’s largest initial public offer in November, Beijing abruptly shut down just six hours before trade began in Shanghai and Hong Kong. At the time, the closure was blamed on changes in the financial technology regulatory environment and other key issues. But analysts say the intervention was a warning to Jack Ma. Shortly before this, he criticized the regulators in his speech at the IPO.

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