The Chinese government is considering to nationalise Jack Ma‘s Alibaba and the Ant Group, reports claimed. This comes in the backdrop of China initiating an investigation to probe Ant Group.
Interestingly, Jack Ma had delivered a speech on 24 October criticising China’s bureaucratic system, alleging that it stifled innovation and he equated banking regulations to an “old people’s club”.
“Based on tip-offs received by the State Administration for Market Regulation in recent days, the administration will be investigating Alibaba … for suspected monopolistic activities,” International Business Times quoted the Chinese government as saying.
The scrutiny of Ant Group and Alibaba comes at a time when China is closely examining the influence of the country’s internet sector.
Last month, China released draft regulations to clamp down on anti-competitive practices in the industry, such as signing exclusive agreements with merchants and the use of subsidies to squeeze out competitors.