Alibaba stock tumbles after report says Beijing wants to break up Alipay
CNN
Shares in Alibaba slumped again on Monday after the Financial Times reported that Beijing is planning to break up Alipay, the hugely popular payment app owned by its financial affiliate, Ant Group.
But that wasn't the only piece of news that led to the stock's decline. Investors are also concerned that Beijing is intensifying its ongoing crackdown on big tech, after regulators ordered internet firms — including Alibaba and Tencent — to stop blocking rivals' links on their platforms. Alibaba (BABA) fell as much as 7% in Hong Kong, before trimming losses to 4.2% at the close. The stock has shed 46% since early November 2020, when Chinese regulators halted Ant Group's giant IPO at the last minute, erasing about $380 billion off Alibaba's market value. Ant Group was spun off from Jack Ma's Alibaba in 2011. Alibaba still owns a third of the fintech company.
The special counsel stressed his decision was not about the strength of his case against Trump
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