"Alibaba shares fall after reports of anti-monopoly probe by China"

" \n \u00a0Shares of\u00a0Alibaba\u00a0fell in both\u00a0Hong Kong\u00a0and extended-hours U.S. trading as reports surfaced that the Chinese government is conducting an anti-monopoly probe into the tech giant. \n \n\n \n China\u2019s State Administration for Market Regulation said through official online channels Thursday it has opened an investigation into Alibaba over monopolistic practices. The primary issue named was a practice that forces merchants to choose one of two platforms, rather than being able to work with both. \n \n\n \n The news comes on the heels of an increasing \u2014 and largely unexpected \u2014\u00a0push by Chinese authorities to rein in their biggest tech firms through regulatory action. \n \n\n \n Alibaba confirmed the market regulator\u2019s investigation in a public statement, and said \u201cbusiness operations remain normal.\u201d \n \n\n \n Bloomberg first reported the news, which was announced by Chinese state news agency Xinhua. \n \n\n \n Hong Kong-listed shares of Alibaba dropped\u00a0more than 8% Thursday\u00a0as of late-morning trading. \n \n\n \n New York-traded shares of Alibaba fell more than 3% in after-hours trading on Wednesday. \n \n\n \n Regulators to meet with Jack Ma\u2019s other company \n \n\n \n Also on Thursday, Chinese authorities said they would meet with Alibaba-affiliate Ant to supervise the financial technology company on issues such as operating in a market-oriented way and with consideration for consumers\u2019 rights and interests. \n \n\n \n The People\u2019s Bank of China said on its website the other participating regulators are the China Banking and Insurance Regulatory Commission, China Securities Regulatory Commission, and State Administration of Foreign Exchange. \n \n\n \n Ant confirmed in a public statement it received a notice Thursday from regulators for a meeting. Last month,\u00a0regulators abruptly suspended the company\u2019s massive initial public offering\u00a0just days before the planned listing in Hong Kong and Shanghai. \n "

"Alibaba shares fall after reports of anti-monopoly probe by China"

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