(Jan 20): Wealthy investors rushed to offload stock in Alibaba Group Holding Ltd after China began an investigation into alleged monopolistic practices at billionaire Jack Ma’s internet giant, according to Citigroup Inc’s private bank.
“A large number” of the bank’s ultra-rich clients cut or exited their holdings in China’s largest e-commerce firm after reports of the probe emerged, Citi Private Bank’s Lab for Family Offices said in a report released Tuesday. China’s stock market previously attracted significant inflows from the firm’s wealthiest customers in the second-half of the year, according to the report.
Once hailed as drivers of economic prosperity and symbols of the country’s technological prowess, Alibaba and rivals including Tencent Holdings Ltd face increasing pressure from regulators after amassing hundreds of millions of users and gaining influence over almost every aspect of daily life in China. The US$35 billion initial public offering of Alibab
Big investors fled Alibaba after monopoly probe, says Citi
Alibaba and Tencent Holdings face increasing pressure from regulators after gaining influence over almost every aspect of daily life in China.
Wealthy investors rushed to offload stock in Alibaba Group Holding Ltd. after China began an investigation into alleged monopolistic practices at billionaire Jack Ma’s internet giant, according to Citigroup Inc.’s private bank.
“A large number” of the bank’s ultra-rich clients cut or exited their holdings in China’s largest e-commerce firm after reports of the probe emerged, Citi Private Bank’s Lab for Family Offices said in a report released on Tuesday. China’s stock market previously attracted significant inflows from the firm’s wealthiest customers in the second half of the year, according to the report.
Alibaba s stock jumps after Jack Ma makes first public appearance since October forextv.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from forextv.com Daily Mail and Mail on Sunday newspapers.
Synopsis
Alibaba Group founder Jack Ma met with 100 rural teachers in China via a video meeting on Wednesday, local government media reported.
China: Alibaba founder Jack Ma makes first public appearance in three months
Jack Ma resurfaced for the first time since China’s government began clamping down on his business empire nearly three months ago, appearing in a live-streamed video that sent Alibaba Group Holding Ltd.’s stock soaring but left plenty of unanswered questions about the billionaire’s fate.
Ma spoke briefly on Wednesday during an annual event he hosts to recognize rural teachers. In one video of the event circulated online, China’s most famous entrepreneur can be seen touring a primary school in his hometown of Hangzhou. Ma, who had stayed out of public view since regulators suspended the initial public offering of his fintech company Ant Group Co., told the teachers he’ll spend more time on philanthropy. He didn’t mention his run-ins with Beijing.