Caixin
May 03, 2022 03:59 PM
BUSINESS

Alibaba Stock Roiled by News Report of China Curbs on Person Named Ma

Red flags flutter in the wind near the Chinese national emblem outside the Great Hall of the People in Beijing in March 2014. Photo: Bloomberg
Red flags flutter in the wind near the Chinese national emblem outside the Great Hall of the People in Beijing in March 2014. Photo: Bloomberg

(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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