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Alibaba Group Holding Ltd. led a second day of frenetic selling among China’s largest tech firms, driven by fears that antitrust scrutiny will spread beyond Jack Ma’s internet empire and engulf the country’s most powerful corporations. Alibaba and its three largest rivals -- Tencent Holdings Ltd., food delivery giant Meituan and JD.com Inc. -- have shed nearly $200 billion in Hong Kong over the two sessions since Thursday when regulators revealed an investigation into alleged monopolistic practices at Ma’s signature company. That marked the formal start of the Communist Party’s crackdown on not just Alibaba but also, potentially, the wider and increasingly influential tech sphere. “It is very hard to predict the outcome of the Chinese government’s ongoing investigation into Alibaba and other large consumer internet platforms,” Baird analyst Colin Sebastian wrote in a note. He cut his price target on Alibaba’s U.S.-listed shares to $285 from $325, citing “uncertainty around...
The central bank summoned Ant executives over the weekend and told them to 'rectify' the company’s lending, insurance and wealth management services, the People’s Bank of China said.
The campaign against Alibaba and its peers got into high gear in November, after Jack Ma famously attacked Chinese regulators in a public address for lagging the times.
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Chinese see 'Big Brother' as a means to generate something the country sorely lacks: trust.