Alibaba U.S.-listed shares drop on China monopoly probe
Alibaba Group Holding’s U.S.-listed shares took their biggest ever one-day tumble on concern over China’s inquiry into alleged monopolistic practices at the e-commerce company. Affiliate Ant Group Co., the other pillar of billionaire Jack Ma’s internet empire, was also summoned to a high-level meeting over financial regulations. The pressure on Ma is central to China’s broader effort to rein in an increasingly influential internet sphere: Draft antimonopoly rules released in November gave the government wide latitude to restrain entrepreneurs who until recently enjoyed unusual freedo...