Alibaba Shares Tank Amid Anti-Monopoly Probe
Shares of Alibaba fell on equity markets Thursday after news broke that the Chinese government opened an anti-monopoly probe into the company, according to CNBC.
China’s State Administration for Market Regulation opened the investigation as a result of Alibaba’s platform requiring merchants to choose one of two platforms, instead of both. Chinese regulators have drastically and unexpectedly ramped up their probing of tech giants.
Alibaba confirmed the investigation and stated that “business operations remain normal.”
Shares of Alibaba closed in Hong Kong by falling more than 8 percent and in New York by more than 13 percent on Thursday.