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Alibaba recovers after CCTV report on 'Ma' briefly erased US$26 billion

Bloomberg
Bloomberg5/3/2022 04:16 PM GMT+08  • 2 min read
Alibaba recovers after CCTV report on 'Ma' briefly erased US$26 billion
Alibaba plunged as much as 9.4% in Hong Kong after CCTV reported that authorities had imposed curbs on an individual surnamed Ma. / Bloomberg
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A brief bout of concern about the fate of Alibaba Group Holding co-founder Jack Ma triggered wild swings in shares of the e-commerce company on Tuesday, underscoring continued investor anxiety toward China’s tech sector after a year-long crackdown.

Alibaba plunged as much as 9.4% in Hong Kong, erasing about US$26 billion of market value, after state broadcaster CCTV reported that authorities in the company’s home base of Hangzhou had imposed curbs on an individual surnamed Ma.

The stock erased the majority of those losses after a statement from Hangzhou police indicated the accused person’s name was spelled with three Chinese characters. Jack Ma’s Chinese name is the two-character Ma Yun.

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