News Analysis India

Tag: alibaba

  • Jack Ma Lost $11 Billion In Last Two Months Amid Increased Scrutiny By China: Report

    China’s richest man and the co-founder of Alibaba Group Jack Ma has lost $11 billion in the last two months since Beijing began scrutinising his empire and other tech giants in the country. According to Bloomberg Billionaires Index, Jack Ma now owns a fortune of $50.9 billion, which has decreased from $61.7 billion earlier this year bringing him down to the 25th position on the list of the world’s wealthiest people.

    Alibaba, like all other tech behemoths in the world, recorded a surge in stock prices in 2020 due to the sudden escalation of demand for online businesses amid the COVID-19 pandemic. However, government scrutiny on Alibaba Group and other tech companies, including Tencent Holdings Ltd. and food delivery giant Meituan, has massively impacted the confidence of the investors, bringing down the market value of these firms and their subsidiaries (if any).

  • China Intensifies Alibaba Crackdown With Anti-monopoly Probe; Xi Unrelenting On Jack Ma

    Chinese regulators on Thursday launched an anti-monopoly investigation of e-commerce giant Alibaba Group, stepping up official efforts to tighten control over China’s fast-growing tech industries. The State Administration for Market Regulation (SAMR) said it was looking into Alibaba’s policy of “choose one of two,” which requires business partners to avoid dealing with competitors. The one-sentence statement gave no details of possible penalties or a timeline to announce a result.

    According to the Associated Press, Chinese leaders had said earlier that an economic priority in the coming year will be to step up anti-monopoly enforcement. They appear to be especially concerned about tightening control over Alibaba and other dominant internet companies that are expanding into finance, health care and other businesses. According to media reports, shares in Alibaba fell 6% in early Hong Kong trade.