CHINA-ECONOMY: ALIBABA'S US-LISTED STOCKS FALL IN US SHARE MARKET
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Alibaba Group Holding’s U.S.-listed shares tumbled the most ever, according to Caixin (December 26) due to concern over China’s inquiry into alleged monopolistic practices at the e-commerce company. The stock fell 13% in its biggest one-day drop on record. The decline took Alibaba to its lowest level since July, and the stock is now down 30% from an October peak. Roughly 141 million shares exchanged hands, the most for a single session since its 2014 debut. Alibaba said in a statement it will cooperate with regulators in their investigation, and that its operations remain normal. 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 Jack Ma is central to China’s broader effort to rein in an increasingly influential internet sphere.
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