China take turn on “ Daddy Ma”

Communist party of China on this week give orders to investigate the Alibaba group and Ant Groups under the monopolistic or competition act. Alibaba is worlds largest retail group who sold goods on online platform.

Alibaba group was started by Jack Ma socially known as “Daddy Ma”. But the Chinese government and other business houses are against the Jack ma. Jack was a teacher turned entrepreneur started Alibaba group with his 17 friends. After that he have grown his legacy domestically and also internationally.
China has also stooped Ant group to list them there IPO in Hong Kong exchange. A article in People’s daily said that china is taking these decisions to stop control on internet monopoly.
After the announcement of investigation against Alibaba group in China. Alibaba’s share in US stock exchange goes down by 17 percentage which cost them around $100bn. And in Hongkong shares have been down by 8 percent.
Alibaba group have stacks in many Chinese giant internet companies such as in Ant group around 30 percent and also have stacks in Tencent an online gaming platform. This make china and other business houses to take action against Jack Ma’s Alibaba group.