HONG KONG:
Alibaba
Group plunged more than eight per cent in Hong Kong on Thursday after Chinese authorities said they had launched a probe into it for "suspected monopolistic practices".
The firm's share price sank 8.13 per cent to HK$228.20.
The probe is part of an accelerating crackdown on monopolistic behaviour in China’s booming internet space, and the latest setback for Jack 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, which had been on track to be the world’s largest, just two days before shares were due to begin trading in Shanghai and Hong Kong.
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