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Tuesday, May 24, 2022

Alibaba's shares fall in Hong Kong following unconfirmed rumors linking Jack Ma to probe

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Alibaba headquarters in Hangzhou, China.

Bloomberg | Bloomberg | Getty Images

Alibaba’s Hong Kong-listed shares closed about 1.7% decrease Tuesday — after earlier falling greater than 9% —following unconfirmed rumors that linked the corporate’s founder Jack Ma to a nationwide safety investigation.

Chinese state media reported earlier within the morning that the Hangzhou safety bureau on April 25 took “criminal coercive measures” on a person with the final identify Ma over suspicion of utilizing the web to hazard nationwide safety.

State-backed tabloid Global Times individually reported, citing the Hangzhou safety bureau, that the individual underneath investigation is the director of a tech firm’s {hardware} analysis and growth division.

CNBC was unable to verify the Chinese report. Alibaba and the Jack Ma Foundation didn’t instantly reply to a request for remark.

Subsequent state media updates indicated the individual had a primary identify with two Chinese characters, quite than one. Jack Ma’s first identify in Chinese solely has one character.

Such “coercive measures” can embody detention, arrest or bail. The safety bureau can be investigating the case, state media mentioned.

Jack Ma stepped down from Alibaba’s board in 2020 and now not has government tasks, the corporate mentioned in a July 2021 assertion.

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