China launches probe into Alibaba over monopoly allegations
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[SHANGHAI] China has formally kicked off an investigation into alleged monopolistic practices at Alibaba Group Holding, escalating a campaign of scrutiny over the country's internet giants.
The State Administration for Market Regulation is investigating Alibaba, the regulator said in a statement without giving further details.
Shares in SoftBank Group, Alibaba's largest shareholder, erased gains to trade 2.3 per cent lower in Tokyo.
Regulators said separately they've summoned affiliate Ant Group 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 face increasing pressure from regulators after amassing hundreds of millions of users and gaining influence over almost every aspect of daily life in China.
BLOOMBERG
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