World’s Rich Investors Start Withdrawing Their Shares From Alibaba Group – According to Citigroup Inc, the world’s wealthiest investors are releasing shares in Alibaba Group Holding Ltd after the Chinese government began an investigation into alleged monopolistic practices in billionaire internet giant Jack Ma.
Citing Bloomberg, a Citigroup report released Tuesday showed that most of Citigroup’s wealthiest clients from the European, Middle East and African territories chose to exit their holdings in China’s biggest e-commerce company in December, after reports of monopolistic practice investigations emerged. .
Still pointing to the report, China’s stock market initially drew meaningful inflows from the company’s wealthiest loyal consumers in the 2nd half of the year.
Previously hailed as a driver of economic prosperity and a symbol of the country’s technological prowess, Alibaba and rivals including Tencent Holdings Ltd are facing increasing pressure from Chinese regulators after amassing several hundred million users and impacting nearly every aspect of China’s daily life.
The idea for the first US$35 billion public offering of Alibaba-affiliated payments firm Ant Group Co was abruptly scrapped last year.
Bloomberg said China’s central bank said last week that Ant Group was working on an agenda to revamp its business while ensuring operations continued, underscoring its willingness to regulate Ma’s business.
According to the Bloomberg Billionaires Index, the Ant Group makes up more than a quarter of Ma’s $52.9 billion fortune.
Alibaba shares rose about 11% in Hong Kong trading on Wednesday when Ma suddenly made his first comeback since early November, amid government investigations into Ant and Alibaba.
According to several people familiar with the problem, Ma speaks as an educator through live broadcasts throughout the annual event he organizes for rural teachers. This helped to quell rumors about his fate.
Source: kontan.co.id
