Alibaba BABA - Get Report shares fell Monday after knowledgeable sources told The Wall Street Journal that China's government has asked the e-commerce colossus to dump some of its media assets over concerns about Alibaba's influence over public opinion. The government launched an antitrust investigation of the company last year after its founder Jack Ma publicly criticized the state-owned banking system and bank regulators. Chinese leader Xi Jinping also personally intervened to stop the initial public offering of Ant Group, Alibaba's fintech affiliate. Ma has been keeping a low profile, and in January, made his first public appearance in nearly three months. Alibaba has promised to cooperate with the government's investigation into its business practices.
Alibaba Group Company
Alibaba Group Company Free Essay Example
It was in the year that 18 people under the leadership of Jack Ma, a teacher from Hangzhou, China, were to begin a journey known as Alibaba Group. Its headquarter lies in Hangzhou itself. Alibaba group have established, as of December , 73 offices in China and 16 outside its borders. At the end of the , it was reported to employ over 22, people from across the world. It was initially conceived as an online wholesale channel for enabling small traders to get in touch and conduct business with global entities.
Alibaba Reportedly Told by China to Dump Media Assets
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