Alibaba Stock Roiled by News Report of China Curbs on Person Named Ma
(Bloomberg) — Alibaba Group Holding Ltd. shares slid more than 9% after state broadcaster CCTV reported Tuesday that authorities in its home base of Hangzhou had imposed curbs on an individual surnamed Ma.
Alibaba’s shares recouped much of their losses after Hangzhou police posted a statement very similar to CCTV’s report later on Tuesday, but with a slight change that suggested the accused person’s name covered three characters. Alibaba co-founder Jack Ma’s Chinese name is the two-character Ma Yun.
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