China Launches Probe into Alibaba Over Monopoly Allegations

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The State Administration for Market Regulation is investigating Alibaba, the regulator said in a statement without giving further details. Shares in SoftBank Group Corp., Alibaba’s largest shareholder, erased gains to trade 2.3% lower in Tokyo.

Regulators said separately they’ve summoned affiliate Ant Group Co. to a meeting intended to promote fair competition and consumer rights. Once hailed as drivers of economic prosperity and symbols of the country’s technological prowess, Jack Ma’s Alibaba and rivals like Tencent Holdings (OTC:TCEHY) Ltd. face increasing pressure from regulators after amassing hundreds of millions of users and gaining influence over almost every aspect of daily life in China.

Read more: Jack Ma Goes Quiet After Ant Group’s Spectacular Undoing

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