Alibaba loses $26 billion in market value as Chinese media reports of man named ‘Ma’ being detained


Source: orissapost.com orissapost.com

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Hong Kong: Alibaba, co-founded by Chinese e-commerce giant Jack Ma, saw its Hong Kong-listed shares plunge as much as 9.4 per cent after Chinese state media reported that an individual surnamed ‘Ma’ in the city of Hangzhou — where Alibaba is based — was detained on national security grounds, media reports said. According to China’s state broadcaster CCTV, the suspect was placed under “compulsory measures” on April 25 on suspicion of “colluding with overseas anti-China hostile forces” to “incite secession” and “incite subversion of state power”. The one-sentence report, which was swiftly picked up by other state media outlets and...