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Benzinga
Benzinga
Business
Wayne Duggan

Alibaba Stock Plummets As Chinese Regulators Pressure Jack Ma To Cede Control Of Ant Financial

Alibaba Group Holding Ltd - ADR (NYSE:BABA) finished a news-packed week on a low note Friday and was down about 9.5% following reports that billionaire Jack Ma is giving up control of Ant Financial.

What Happened? Earlier this week, Alibaba shares briefly rallied on news the company plans to duel list its shares in Hong Kong by the end of 2022.

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