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China launches probe into Jack Ma's Alibaba over monopoly allegations

Regulators said separately they've summoned affiliate Ant Group Co. to a meeting intended to promote fair competition and consumer rights

The logo of Alibaba Group is seen at the company's headquarters in Hangzhou, Zhejiang province, China
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The State Administration for Market Regulation is investigating Alibaba.

Lulu Yilun Chen and Coco Liu | Bloomberg
China kicked off an investigation into alleged monopolistic practices at Alibaba Group Holding Ltd. and summoned affiliate Ant Group Co. to a high-level meeting over financial regulations, escalating scrutiny over the twin pillars of billionaire Jack Ma’s internet empire.

The State Administration for Market Regulation is investigating Alibaba, the top antitrust watchdog said in a statement without further details. Regulators including the central bank and banking watchdog will separately summon affiliate Ant to a meeting intended to drive home increasingly stringent financial regulations, which now pose a threat to the growth of the world’s biggest online financial services firm. Ant

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First Published: Dec 24 2020 | 6:45 AM IST

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