Jack Ma to cede control of Ant Group following China’s tech crackdown

Jack Ma is giving up controlling rights of Ant Group Co., as the billionaire further retreats from his online empire following the country’s unprecedented tech crackdown. The company will give 10 individuals, including the founder, management and staff, voting rights independently, effectively removing Ma’s voting control of Ant, according to an announcement on Saturday. The … Read more

Alibaba raises buyback to $25 billion to boost slumping stock

Alibaba Group, the world’s biggest e-commerce company, increased a share buyback to $25 billion from $15 billion on Tuesday to prop up a stock price that has fallen by more than half since the ruling Communist Party tightened control over tech industries by launching regulatory crackdowns. The increase is a “sign of confidence in the … Read more

China fines tech giants for failing to report 43 old deals

China’s market regulator on Saturday said it was fining companies including Alibaba, Baidu and JD.com for failing to declare 43 deals that date as far back as 2012 to authorities, saying that they violated anti-monopoly legislation. Enterprises involved in the cases would be fined 500,000 yuan ($78,000) each, it said, the maximum under China’s 2008 … Read more

alibaba: Alibaba says profit falls 81% as China tech crackdown bites

Chinese e-commerce leader Alibaba Group said on Thursday that its profit for the most recent quarter tumbled 81 percent as a government crackdown on the country’s big tech champions bit into its bottom line. Alibaba said its profit came in at 5.37 billion yuan ($833 million) for the July-September period, falling from 28.77 billion yuan … Read more

Meituan CEO raises $10 Billion to develop promising technologies

While Alibaba is the dominant force in e-commerce with a global reputation, Wang, a generation younger, has built Meituan into a fearsome rival, the world’s largest delivery empire with ambitions to encroach on Alibaba’s home turf. There’s also years of bad blood between the two companies after an early alliance broke down. Now Wang, 42, … Read more

China launches an antitrust investigation into Alibaba as its crackdown on Jack Ma’s tech empire continues

Chinese regulators announced measures to crack down on Jack Ma’s Alibaba and Ant Group on Thursday. Beijing will investigate e-commerce site Alibaba, co-founded by Ma, over alleged anti-monopolistic practices, and urge fintech Ant Group to implement stricter financial regulations, regulators said. Ant Group’s IPO, which would have been the world’s biggest-ever, was halted in November … Read more