{"id":120137,"date":"2021-09-13T22:05:00","date_gmt":"2021-09-13T14:05:00","guid":{"rendered":"https:\/\/www.mediaintel.asia\/?p=553084"},"modified":"2021-09-13T22:05:00","modified_gmt":"2021-09-13T14:05:00","slug":"alibaba-stock-tumbles-after-report-says-beijing-wants-to-break-up-alipay-local-news-8","status":"publish","type":"post","link":"https:\/\/www.chinalegalblog.com\/en\/2021\/09\/13\/alibaba-stock-tumbles-after-report-says-beijing-wants-to-break-up-alipay-local-news-8\/","title":{"rendered":"Alibaba stock tumbles after report says Beijing wants to break up Alipay Local News 8"},"content":{"rendered":"
\"MediaIntel.Asia\"<\/a><\/div>\n

By Laura He, CNN Business
\nShares in Alibaba slumped again on Monday after the Financial Times reported that Beijing is planning to break up Alipay, the hugely popular payment app owned by its financial affiliate, Ant Group .
\nBut that wasn\u2019t the only piece of news that led to the stock\u2019s decline. Investors are also concerned that Beijing is intensifying its ongoing crackdown on big tech, after regulators ordered internet firms \u2014 including Alibaba and Tencent \u2014 to stop blocking rivals\u2019 links on their platforms.
\nAlibaba fell as much as 7% in Hong Kong, before trimming losses to 4.2% at the close. The stock has shed 46% since early November 2020, when Chinese regulators halted Ant Group\u2019s giant IPO at the last minute, erasing about $380 billion off Alibaba\u2019s market value. Ant Group was spun off from Jack Ma\u2019s Alibaba in 2011. Alibaba still owns a third of the fintech company.
\nSince yanking its IPO, regulators have already ordered Ant to restructure as a financial holding company , and now its superapp \u2014Alipay \u2014may be next in line. According to the Financial Times, China wants to break up Alipay and create a separate app for its loans business.
\n\u201cChinese regulators have already ordered Ant to separate the back end of its two lending businesses, Huabei, which is similar to a traditional credit card, and Jiebei, which makes small unsecured loans, from the rest of its financial offerings and bring in outside shareholders,\u201d the paper said.
\n\u201cNow officials want the two businesses to be split into an independent app as well,\u201d it added, citing unnamed sources.
\nThe regulators also want Ant to turn over the user data that underpins its lending decisions to a new credit scoring joint venture that will be partly state-owned, the report said.
\nAnt and the People\u2019s Bank of China didn\u2019t immediately reply to a request for comment.
\nAlipay, the digital payments app, boasts of more than 700 million active users every month . But while it has grown unchecked over the past decade, authorities are becoming increasingly mindful of how much influence the tech industry has on the country\u2019s economy. Ant, for example, controls more than half of the mobile payments market in China.
\nNo more blocking
\nOn Monday, China\u2019s Ministry of Industry and Information Technology ordered the country\u2019s internet firms to end a long-standing practice of blocking rivals\u2019 links on their platforms. The ministry said it will punish those who did not correct their actions within an unspecified deadline. It didn\u2019t specify the punishments.
\nThe comments made at a press conference came after a state-owned newspaper reported on Saturday that the ministry met with a handful of internet companies late last week to discuss the issue.
\nApart from Alibaba, other Chinese tech stocks also dropped sharply, following the comments by the ministry. Meituan lost 4.5%, and Tencent fell 2.4%.
\n\u2014 CNN\u2019s Beijing bureau contributed to this article.
\nThe-CNN-Wire
\n™ & \u00a9 2021 Cable News Network, Inc., a WarnerMedia Company. All rights reserved.<\/p>\n

This data comes from MediaIntel.Asia's Media Intelligence and Media Monitoring Platform<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"

By Laura He, CNN Business
\nShares in Alibaba slumped again on Monday after the Financial Times reported that Beijing is planning to break up Alipay, the hugely popular payment app owned by its financial affiliate, Ant Group .
\nBut that wasn\u2019t the only p…<\/p>\n","protected":false},"author":253,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[46,47,669,65,144,586,671,339,4,81,30,194,52,493,1542,55],"tags":[10406,1768,10424,3472,6823,2353,2346,10315,8864,3479],"class_list":["post-120137","post","type-post","status-publish","format-standard","hentry","category-alibaba","category-alipay","category-bank","category-beijing","category-china","category-economy","category-finance","category-hong-kong","category-internet","category-ministry-of-industry-and-information-technology","category-mobile","category-news-chinese-law","category-online-payment","category-online-shopping","category-technology","category-tencent","tag-ant-group","tag-bank-of-china","tag-china-general-news","tag-chinese","tag-fintech","tag-ipo","tag-joint-venture","tag-media-intelligence","tag-news-media","tag-stocks"],"_links":{"self":[{"href":"https:\/\/www.chinalegalblog.com\/en\/wp-json\/wp\/v2\/posts\/120137","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.chinalegalblog.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.chinalegalblog.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.chinalegalblog.com\/en\/wp-json\/wp\/v2\/users\/253"}],"replies":[{"embeddable":true,"href":"https:\/\/www.chinalegalblog.com\/en\/wp-json\/wp\/v2\/comments?post=120137"}],"version-history":[{"count":1,"href":"https:\/\/www.chinalegalblog.com\/en\/wp-json\/wp\/v2\/posts\/120137\/revisions"}],"predecessor-version":[{"id":120138,"href":"https:\/\/www.chinalegalblog.com\/en\/wp-json\/wp\/v2\/posts\/120137\/revisions\/120138"}],"wp:attachment":[{"href":"https:\/\/www.chinalegalblog.com\/en\/wp-json\/wp\/v2\/media?parent=120137"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.chinalegalblog.com\/en\/wp-json\/wp\/v2\/categories?post=120137"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.chinalegalblog.com\/en\/wp-json\/wp\/v2\/tags?post=120137"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}