More Trouble Brews For Alibaba's Jack Ma

Last week Chinese regulators asked state-owned firms to kick-off a fresh round of checks to find out their investments and other linkages with Alibaba Group Holding Ltd BABA founder Jack Ma's Ant Group, Bloomberg reports.
The regulatory authorities have asked the state-owned firms to submit the details of investments in equities and exposure to asset-backed securities and loans about Ant, Reuters reports.
The regulators have also ordered the state-owned banks and non-bank firms to make checks.
China previously derailed the Alibaba affiliate's $37 billion initial public offering.
Since the IPO debacle, Ant has embarked on a regulatory-driven restructuring plan to become a financial holding company.
Last month, China Cinda Asset Management Co Ltd, a leading state-owned asset management company in China, scrapped a planned Ant investment after pressure from state authorities.
Price Action: BABA shares traded lower by 3.77% at $114.50 in the premarket on the last check Tuesday.