As rumors spread rapidly that Alibaba founder Ma Yun was arrested by the authorities, on the 3rd, Alibaba's stock price plunged by nearly 10% in the Hong Kong stock market on the 3rd.
According to the financial investment industry, on the 3rd on the Hong Kong Stock Exchange, Alibaba's share price plunged to 9.40% in the early trading session.
It is said that the crash was caused by a rapid spread of rumors that Ma had been arrested by the National Security Agency of China.
State-run media, such as the Global Times Internet version, reported that around 9:00 am local time on the 3rd of the 3rd local time, the Hangzhou City State Security Bureau had arrested Mr. This has created anxiety that Mr. Ma is not Ma.
Coincidentally, Hangzhou City is the hometown of Ma Yun and is the base of Alibaba's business.
However, as it was confirmed that Ma Mo, who was arrested by the authorities, was not Ma, the Alibaba stock price recovered to its original level, showing a weak trend as of 11 am.
Hu Shijin, former editor of the Global Times, who acts like an 'unofficial spokesperson' for the Chinese Communist Party, said on his Weibo that day, "As far as I know, what the Hangzhou National Security Agency caught is 'Ma○○' and not 'Ma○." said.
The mayor is accepting that the Chinese authorities have used Hu Shi-jin's mouth to deny the arrest of Ma.
The collapse of the stock price of Alibaba, one of China's largest Internet companies, in the wake of 'Mr. Ma's arrest' is evaluated as a clear indication that the business environment of China's Big Tech is still unstable despite the Chinese authorities' hints of deregulation.
In October 2020, China tightened regulations on big tech in the wake of Ma's head-on criticism of the authorities.
In particular, Alibaba has become a 'test case' of government regulations, such as being hit with trillions of won in anti-monopoly fines.
Ant Group, a fintech affiliate of Alibaba, which has more power than any large state-owned bank in the Chinese financial world by securing big data through Alipay, an electronic payment system, is still in the process of being converted into a financial holding company.
In the market, after the conversion to Alibaba's financial holding company, the Chinese authorities or state-owned companies are expected to be directly involved in management in the form of capital increase participation.
After the 'Snow Flower Incident', Ma has been living a life close to hermitage while reducing her control of Alibaba.
(Photo = Getty Images Korea)