Hong Kong (CNN Business) China has launched an antitrust investigation into Alibaba ( BABA ) as it steps up scrutiny of the country's rapidly growing internet firms. Separately, the People's Bank of China announced that the country's four financial regulators will summon Ant Group , Alibaba's financial affiliate, to a meeting in the coming days. The meeting would "guide Ant Group" to implement financial supervision and regulate its services, the central bank said in a statement. That move spooked investors and immediately wiped hundreds of billions of dollars off Chinese tech stocks. Ant Group also said that it will "seriously study and strictly comply with all regulatory requirements."

Source: CNN December 24, 2020 09:45 UTC