The embattled stock of Alibaba Group Holdings (NYSE: BABA) hit more turbulence recently when the U.S. Securities & Exchange Commission listed the company as a potential candidate for delisting from the New York Stock Exchange. Delisting is a big deal, but investors shouldn't panic. Foreign companies that list on U.S. stock exchanges require auditing from the Public Company Accounting Oversight Board, which the Securities & Exchange Commission (SEC) oversees.
China's top internet watchdog said on Friday tech giants such as Tencent Holdings and Alibaba Group have submitted details of algorithms used in some of their products, complying with a drive by authorities to tighten oversight of platform algorithms. The rules are part of a broad regulatory crackdown by Beijing against its once free-wheeling technology sector. State media had accused internet platforms of using algorithms to invade user privacy and influencing their choices.
TOKYO (Reuters) -SoftBank Group Corp's decision to sell down its Alibaba Group Holding stake for a $34 billion gain may be aimed at bolstering its finances, but it also underlines how CEO Masayoshi Son has cooled on China tech. Son was formerly one of the sector's biggest cheerleaders and Alibaba is his most famous bet, immensely profitable and for his fans, symbolic of his foresight and investing acumen. Amid a sharp market downturn, however, Son will reduce his conglomerate's stake in Alibaba to 14.6% from 23.7% by settling prepaid forward contracts, although the Chinese firm remains SoftBank's largest asset.