Alibaba slides on report China plans to break up payment app

Shares in Chinese technology giant Alibaba have fallen sharply after a report that its financial affiliate Ant Group is again under scrutiny. Ant Group did not immediately respond to a request for information from the BBC.This would not be the first time that Ant Group has been targeted by the Chinese government. Chinese authorities started to show increasing interest in Ant Group in October last year after Mr Ma criticised regulators, suggesting that they were stifling innovation. The following month, regulators scuppered the record $37bn share market launch of Ant Group. At the same time, Chinese regulators called on Ant to conduct a sweeping business overhaul, including restructuring itself into a financial holding firm.

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