China has launched an antitrust investigation into Alibaba Group and will summon the tech giant’s Ant Group affiliate to meet in coming days, regulators said on Thursday, in the latest blow for Jack Ma’s e-commerce and fintech empire.
The probe is part of an accelerating crackdown on anti-competitive behaviour in China’s booming internet space, and the latest setback for Ma, the 56-year-old former school teacher who founded Alibaba and became China’s most famous entrepreneur.
It follows China’s dramatic suspension last month of Ant’s planned $37 billion initial public offering. — Reuters
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