Alibaba’s headquarters in Hangzhou, China.
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Alibaba’s Hong Kong-listed shares was about 1% lower on Tuesday – after falling more than 9% earlier – following unconfirmed rumors linking the company’s founder Jack Ma with a national security investigation.
Previously, Chinese state media reported that the Hangzhou security department on April 25 took “criminal coercive measures” against an individual with the surname Ma on suspicion of dangerous internet use. for national security.
CNBC could not confirm the China report. Alibaba and the Jack Ma Foundation did not immediately respond to requests for comment.
Subsequent updates by state media said the person had a first name with two Chinese characters, instead of one. Jack Ma’s proper name in Chinese has only one character.
Such “coercive measures” may include detention, arrest or bail. Security agencies are also investigating the incident, state media said.
Jack Ma steps down from Alibaba’s board of directors in 2020 and no longer has executive responsibility, the company said in a July 2021 statement.
