Chinese authorities have placed an individual with the last name Ma under “compulsory curbs” in the city of Hangzhou, Bloomberg News reported on Tuesday, citing state broadcaster CCTV.
What Happened: Hangzhou is the home base of Jack Ma-founded Alibaba Group Holding Ltd BABA and its affiliate Ant Group.
The person was placed under “curbs” on April 25 after being accused of inciting subversion of state power and other activities that endangered national security, the report said.
Why It Matters: The usually flamboyant Ma has had numerous run-ins with the Beijing administration and has been keeping a low profile since late 2020.
Price Action: Alibaba shares slid more than 9% in Hong Kong following the news.
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