Alibaba Recovers After Report on ‘Ma’ Briefly Erased $26 Billion
- Shares dive as much as 9.4% before rebounding in Hong Kong
- The two-sentence report jarred already nervous China investors
This article is for subscribers only.
A brief bout of concern about the fate of Alibaba Group Holding Ltd. co-founder Jack Ma triggered wild swings in shares of the e-commerce company on Tuesday, underscoring continued investor anxiety toward China’s tech sector after a year-long crackdown.
Alibaba plunged as much as 9.4% in Hong Kong, erasing about $26 billion of market value, after state broadcaster CCTV reported that authorities in the company’s home base of Hangzhou had imposed curbs on an individual surnamed Ma.