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 24th. 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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