Shares in Alibaba, the ecommerce group founded by Jack Ma, fell sharply on Monday after Beijing publicly accused the company’s payments arm of regulatory failings in its latest salvo against one of China’s richest men.
The comments by Pan Gongsheng, vice governor of the People’s Bank of China, were published on the central bank’s website on Sunday and come as authorities have turned up the pressure on Mr Ma’s business empire.
Alibaba’s stock sank as much as 7.3 per cent in early trading in Hong Kong, hitting its lowest level since July. The rebuke from the PBoC overshadowed a move by Alibaba on Monday to boost its two-year share buyback programme to $10bn from $6bn.
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