China CCP to Nationalize Jack Ma’s Alibaba and Ant Group
Recent reports from China seemingly indicate that the Chinese government is planning to nationalize Alibaba and the Ant Group, founded by mogul Jack Ma. The Chinese Communist Party (CCP) has forged ahead with the antitrust investigation into the e-commerce giant. The administration is investigating the company for suspected monopolistic activities, according to one statement. The investigating agencies set up a temporary office at Alibaba’s headquarters in November.
Investigators are also looking into social media giant Tencent and e-commerce company Meituan. Alibaba stated that it would cooperate with any investigation seeking to find more information about the company’s integrity. News of the government’s plan to enforce more curbs on the company resulted in its stock dropping by almost 8%.