What’s Going On With Alibaba Stock Monday?

Alibaba Group Holding Ltd (NYSE:BABA) has revealed a more extensive involvement of Chinese government stakes within its various business units than previously disclosed, following a request for information from the U.S. Securities and Exchange Commission (SEC). 

Based in Hangzhou, the company disclosed in filings in the U.S. and Hong Kong over the weekend that Chinese state-owned enterprises or foreign sovereign wealth funds partially own numerous entities within its conglomerate. 

This disclosure comes amid statements from China’s Communist Party regarding its intention to influence the nation’s technology and scientific development sectors significantly, Bloomberg reports.

Also Read: Alibaba To Sell Suning Stake at Huge Loss: Strategic Shift or Financial Misstep?

China had fined Alibaba a whooping 18 billion yuan in 2021 for antitrust infringements. In July 2023, China ended its regulatory overhaul on fintech affiliate Ant Group by imposing a penalty of 7.12 billion yuan.

The SEC’s …

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