A mix-up by the Alibaba founder caused the tech company’s shares to crash.
(Photo: Aly Song)
Hong Kong Investors in China are concerned: Beijing has been taking action against technology companies in the country for a year. The market reaction to the supposed fate of Alibaba founder Jack Ma showed how nervous investors are on Tuesday.
Meanwhile, Alibaba shares in Hong Kong fell by up to 9.4 percent, losing $26 billion in value on the stock exchange. Earlier, state broadcaster CCTV reported that authorities in Hangzhou had imposed restrictions on a person surnamed Ma. The company has its headquarters there. The report consisted of only two sentences.
However, the paper recovered most of those losses after Hangzhou police indicated that the person concerned was not Jack Ma. Alibaba shares ultimately closed 1.8 percent lower in Hong Kong.
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