Alibaba, the Chinese e-commerce giant Ma co-founded, saw its Hong Kong-listed shares plunge as much as 9.4 per cent on Tuesday after Chinese state media reported that an individual surnamed "Ma" in the city of Hangzhou — where Alibaba is based — had been detained on national security grounds.
The clarifications led to a rebound, with Alibaba recovering the majority of its losses by the day's end.The market's roller coaster reaction is the latest sign of just how skittish investors are getting over China's embattled tech sector, which has been a target of the Chinese government's heavy-handed regulatory crackdown since late 2020.
"But it's certainly demonstrated the government does not even have to arrest a senior technology executive to erase tens of billions of dollars from a company's market valuation."That's quite powerful. And certainly what happened yesterday was a clear illustration of that power, whether it was delivered or not."
Jack Ma's endorsement of China's so-called "996" work culture, meaning working from 9am to 9pm six days a week, drew intense criticism in 2019.
Transfer all investment in China to ASX.
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