China's tech-giant, Alibaba Group Holding Ltd, is being investigated by regulators on charges of monopolistic practices, the Chinese government announced Thursday. The probe marks the formal start of the Communist Party's crackdown on tycoon Jack Ma's sprawling dominion - from e-commerce to logistics and social media. "Acting on information, China's State Administration for Market Regulation (SAMR) has started investigation on Alibaba Group for alleged monopoly conduct including implementing an 'exclusive dealing agreement'," China’s official news agency, Xinhua announced. The STAR Market dropped 2.1%, while the CSI TMT Index fell 1.5%, according to news agency Reuters. Separately, the People's Bank of China, the China Banking Regulatory Commission and China Securities Regulatory Commission will also meet affiliate Ant Group for 'supervisory and guidance' talks.

Source: dna December 24, 2020 12:45 UTC