China gets tougher on Alibaba

There was no surprise when India impose ban on more than 150 Chinese apps because of its enmity with China. There is no surprise when Untied States ban much popular Chinese app Tiktok unless an American company buys it.

United States had blamed China right from the beginning because of spreading of pandemic virus and causes highest number of casualties in the country.

Now, China has announced an anti-monopoly investigation of e-commerce giant Alibaba group. China has officially commenced anti-trust probes into Alibaba. The e-commerce giant is being investigated for allegations on monopolistic conduct such as forced exclusivity. Alibaba’s fintech affiliate Ant Group will be summoned for a meeting conducted by China’s Central Bank. The central bank is imposing various controls of the fintech industry.

Chinese authorities halted Ant’s US$37 billion IPO in Hong Kong and Shangai markets. If everything goes as planned, this IPO will be the highest ever over-subscribed in the world. Alibaba’s scrip plunged as much as 8.9% in Hong Kong stock market on December 24^th. President Xi Jinping worries about the dominance of e-commerce giant Alibaba in corporate world. Regulators appear to be especially concerned about controlling private sector companies that are expanding into online banking at a time when Beijing is trying to reduce financial risks.

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