The world's rich investors are starting to withdraw their shares from Alibaba Group

Lovata Andrean

Investors Start Selling Alibaba Shares
Investors Start Selling Alibaba Shares

Rancakmedia.com – According to Citigroup Inc, investor Rich people around the world are busy releasing shares in Alibaba Group Holding Ltd after the Chinese government initiated an investigation into alleged monopolistic practices at billionaire Jack Ma's internet giant.

Citing Bloomberg, a Citigroup report issued Tuesday showed that most of Citigroup's richest clients from Europe, the Middle East and Africa chose to exit their ownership in China's largest e-commerce company in December, after reports investigating monopolistic practices emerged. .

Still leading up to the report, China's stock market initially attracted meaningful inflows from the company's wealthiest loyal customers in the second 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 increased pressure from Chinese regulators after amassing hundreds of millions of users and having an impact on almost every aspect of daily life in China.

The World's Rich Investors Are Starting to Attract

The proposed US$35 billion initial public offering of Alibaba-affiliated payments company Ant Group Co was abruptly halted last year.

Bloomberg said that China's central bank explained last week that Ant Group was working on a plan to transform its business while ensuring operations continued, underscoring its willingness to manage Ma's business.

According to the Bloomberg Billionaires Index, Ant Group generates more than a quarter of Ma's wealth of US$ 52,9 billion.

Alibaba shares rose about 11% in Hong Kong trading on Wednesday as Ma made his first appearance since early November, amid government investigations into Ant and Alibaba.

According to people familiar with the matter, Ma spoke as an educator via live broadcasts during an annual event he holds for rural educators. This helped quell rumors about his fate.

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Lovata Andrean

Hi, I'm Lovata, I'm not Ai but I am a content writer for SEO, Technology, Finance, Travel, Cooking Recipes and others. I hope this can be useful for all my friends. Thanks