Chinese authorities have placed an individual with the last name Ma under “compulsory curbs” in the city of Hangzhou, Bloomberg News reported on Tuesday, citing state broadcaster CCTV.
What Happened: Hangzhou is the home base of Jack Ma-founded Alibaba Group Holding Ltd BABA and its affiliate Ant Group.
The person was placed under “curbs” on April 25 after being accused of inciting subversion of state power and other activities that endangered national security, the report said.
Why It Matters: The usually flamboyant Ma has had numerous run-ins with the Beijing administration and has been keeping a low profile since late 2020.
Price Action: Alibaba shares slid more than 9% in Hong Kong following the news.
Photo courtesy: UN Climate Change on Wikimedia
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
