Alibaba stock slides after China crackdown on Ant Group
Alibaba stock slid in early trading this morning after China cracked down on Ant Group. The People’s Bank of China ordered Alibaba’s Ant Group to return to its payment processing roots. That means the company’s investment, insurance and investment products may have to be dropped. Q3 2020 hedge fund letters, conferences and more However, the central bank didn't call for Ant to be broken up entirely. Alibaba stock skids on Ant Group newsThis year, Alibaba is no longer the most valuable company in China after erasing nearly all of its gains in the stock market. The Chinese company's market capita...