China has opened an investigation into whether Alibaba, a titan of Chinese ecommerce and cloud computing, engaged in monopolistic practices. The government’s State Administration for Market Regulation will probe Alibaba, worth $600 billion, over allegations that the company coerced sellers into signing noncompete contracts that prohibited them from hawking wares via other internet stores, among other accusations.
The People’s Bank of China announced the same day that it would meet with executives from Ant Group, also owned by Alibaba founder Jack Ma, to discuss government supervision and regulation. Last week, the government canceled Ant’s planned initial public offering.
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