Alibaba had 881 million mobile monthly active users as of September and reported 155.1 billion yuan (US$23.8 billion) in revenue for the third quarter, a 30 per cent increase year on year. During this year’s Singles’ Day, the world’s largest online shopping festival which Alibaba started, the company broke previous records with 498 billion yuan in gross sales.
Beijing is seeking to probe Jack Ma’s technology and financial empire. China is to take a larger stake in his businesses, according to Chinese officials and government advisers.
Pan Gongsheng, a deputy governor of China’s central bank, said Ant’s corporate governance was “not sound” and ordered it to “return to its origins” as a payment services provider.
Ant Group should set up a separate holding company to ensure regulatory compliance. Ma was advised by the Chinese government to stay in the country.
Deborah Mit Maa, is the daughter of Jack Maa- CEO and founder Alibaba may not be probed.
After the investigation announced on Thursday, Alibaba’s US-listed shares fell 13 per cent, its biggest one-day drop since its 2014 debut on the New York Stock Exchange. The stock slumped to the lowest level since July and was down 30 per cent on Thursday from an October peak and moved up and down with large volumes after China intent government to lend its stake.