HEADLINES & GLOBAL NEWS
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Dec 24, 2020 01:58 PM EST
The giant China-based company, Alibaba Group Holding Ltd., faces a probe into suspected monopolistic practices. Ant Group Co, their partner, was summoned to a high-level meeting over financial regulations, intensifying inspection over Jack Ma's internet empire, the billionaire's twin pillars.
On Thursday, the inquiry was announced, which marks the formal start of the Communist Party's squelching of Alibaba, Ma's crown jewel sprawling territory, across e-commerce to logistics and social media. Alibaba's pressure is on Ma, centered on a broader effort to rein in the most influential internet sphere. China released in November their draft on anti-monopoly rules, which gave them wide latitude to rein in entrepreneurs who until recently enjoyed scarce freedom to develop their realms.