Chinese regulators have asked banks and government companies to disclose all their exposure to Ant Group, the financial arm of Alibaba and owned by Chinese tycoon Jack Ma, more than a year following the Chinese government canceled the largest initial public offering in history by Ant Corporation, $35 billion in November 2021.
Beijing has shown no let up in a crackdown that has escalated into what it calls anti-competitive practices in China’s burgeoning internet sector.
The Alibaba business empire has come under intense scrutiny in China and record fines since its billionaire founder Jack Ma publicly criticized the country’s regulators, according to Bloomberg.
Shares of Alibaba, which owns a third of Ant Group, fell at the beginning of trading today, Tuesday, on the Hong Kong Stock Exchange by 5.1%, approaching its price levels when listing on that exchange in 2019.
Jack Ma, who has been out of sight since the authorities cracked down on his sprawling business empire, He was among the billionaires who made losses last year After his fortune decreased by 13 billion dollars.
