Alibaba shares fell 1.7% after rumors of Ant Group calculating a retreat for Jack Ma


Alibaba shares fell 1.7% after rumors of Ant Group calculating a retreat for Jack Ma

Alibaba shares opened at the beginning of the week of April 19 in red after rumors that Ant Group – an affiliate of Alibaba – was planning to let Jack Ma divest from this unit.

Alibaba e-commerce group founded by Jack Ma recently was fined $ 2.8 billion for violating antitrust regulations. Photo: Shutterstock

Shares of Alibaba listed in Hong Kong fell 1.7% in the morning session of April 19 after Reuters news agency reported that Ant Group was looking for a way for founder Jack Ma to divest from the company. In response to this information, Ant Group tweeted asserting that the information released by Reuters was “untrue and unfounded”.

Earlier, Reuters quoted sources familiar with authorities and two people with close ties to Ant Group, asserting that Ant Group fintech is considering “options” for Jack Ma to divest. and “relinquish control” in this company.

Previously, the “giant” of Chinese e-commerce was fined $ 2.8 billion for violating antitrust regulations. Chinese officials began an antitrust investigation at Alibaba in December 2020, with a focus on determining whether Alibaba would force retailers to commit to only selling products on e-commerce platforms. of your own instead of other platforms.

On April 10, the China Market Control Authority (SAMR) concluded that Alibaba has acts of obstructing competition in the Chinese online retail market, at the same time “restricting the legitimate right to do business of China. sellers and infringes upon the rights and legitimate interests of consumers “.

The Hong Kong stock market this morning also recorded a series of other technology stocks “stuck” in the red, in which Tencent shares fell 1% and Meituan shares fell 0.83%. Particularly, the Hang Seng Tech index slipped 0.84%. Overall, the Hong Kong Hang Seng Index this morning fell 0.5%.

Mainland Chinese stocks were also in red this morning, with the Shanghai Composite Index falling 0.25% and the Shenzhen Component Index slipping 0.186%.

The red color also dominated Japanese stocks in this morning, regardless of the country’s March export turnover growth exceeding forecast. Specifically, the Nikkei 225 and the Topix index decreased by 0.23% and 0.26%, respectively.

According to data released by the Japanese Ministry of Finance this morning, Japan’s exports in March increased by 16.1% over the same period last year. This growth is much higher than the average forecast of 11.6% given by economists in a recent Reuters poll.

On the contrary, Korea and Australia stocks prospered this morning. South Korea’s Kospi rose 0.21% while Australia’s S & P / ASX 200 index rose 0.28%. Overall, the MSCI Asia-Pacific (excluding Japan) this morning still fell by 0.3%.

In the money market, the greenback continued to fall. The US dollar index against other major currencies continued to decline to 91,709 after a recent decline to 91.8. Japanese Yen strengthened this morning and converted 108.69 JPY to “eat” USD compared to the 109.2 JPY / USD recorded last week, while the Australian dollar also appreciated and exchanged 1 AUD for 0.7709 USD. .

Oil trading on Asian time this morning went down. Futures prices for Brent fell about 0.8% to $ 66.24 / barrel while the US crude futures price slid 0.7% to $ 62.69 / barrel.