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Benzinga

Politics

Anusuya Lahiri

More Trouble Brews For Alibaba's Jack Ma

BABA (Organization) Alibaba China Alibaba Group Holding Ltd NYSE

Last week Chinese regulators asked state-owned firms to kick-off a fresh round of checks to find out their investments and other linkages with Alibaba Group Holding Ltd (NYSE:BABA) founder Jack Ma's Ant Group, Bloomberg reports.
The regulatory authorities have asked the state-owned firms to submit the details of investments in equities and exposure to asset-backed securities and loans about Ant, Reuters reports.
The regulators have also ordered the state-owned banks and non-bank firms to make checks.
China previously derailed the Alibaba affiliate's $37 billion initial public offering.
Since the IPO debacle, Ant has embarked on a regulatory-driven restructuring plan to become a financial holding company.
Last month, China Cinda Asset Management Co Ltd, a leading state-owned asset management company in China, scrapped a planned Ant investment after pressure from state authorities.
Price Action: BABA shares traded lower by 3.77% at $114.50 in the premarket on the last check Tuesday.

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