Authorities are looking into possible “monopolistic practices” from Alibaba, which was co-founded by Jack Ma, one of China’s wealthiest individuals. Officials in China have described Ant’s corporate governances as “not sound” and ordered it to return to its root function as a payment service provider.
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China Continues Regulatory Barrage Against Jack Ma's 'Empire'
China has ordered an investigation into Alibaba and has ordered its affiliate company, Ant Group, to scale down its operation. So reports The Guardian.
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