How did Alibaba get in the way? – Own Snap

The ruling party’s watchdog in Hangzhou City is investigating the head of his local government for multiple violations. The survey sheds light on the region that is home to Alibaba Group and Ant Group By Jack Ma. The stock closed at $ 157.96 in yesterday’s trading session. The stock is down more than 13% this week. The Alibaba group fell 3.7% in Hong Kong despite the 2.4% gain in the Hang Seng index, with a strong technological component.
The party watchdog opened an investigation into Zhou for alleged violations of discipline and state law. The Hangzhou City Standing Committee met on Saturday to discuss the investigation into local official Zhou Yongping. The meeting also agreed to campaign against corruption.

Social media accounts claimed that Zhou’s family bought shares in a financial technology company before its IPO plans were scrapped. Ant Group has denied that some people bought shares prior to its IPO last year. The decline of the Chinese e-commerce giant has eclipsed the rebound of other stocks.

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