The year 2020 was a bumper one for many listed tech titans. However it hasn't been all rosy for billionaire Jack Ma's companies.
The anti-monopoly investigation launched by Chinese regulators into Alibaba Group last month, and the absence of the billionaire founder from the public realm over the last two months, since the collapse of Ant Group’s initial public offering, are casting a shadow on the performance of the e-commerce giant’s shares.
Alibaba Group’s stock price dropped 2.15 per cent in Monday trading in Hong Kong to close at HK$227.6 ($29.35), as investors grew increasingly nervous over regulatory hurdles.
The e-commerce company’s share price has fallen by a quarter from its peak since the start of the investigation, according to financial services provider Century Financial.
“However, what is important from Alibaba’s perspective is China’s newly enacted laws and regulations regarding its monopolistic behaviour,” said Yogesh Khairajani, a global market strategist at Century Financial.
“The country’s policymakers are concerned and view the company as too big as well as risky. Only clarity regarding the policy can remove the current bearishness in the stock.”
But he added that Alibaba “is still the best play on Chinese consumers” and will always be on investors’ radar once there is more certainty regarding the country’s policy.
Even though investors are shying away from Alibaba's stock, that could change as the company's valuations are cheap when compared to its Western peers, Mr Khairajani told The National.
“And it is generally expected that China will not damage the fortunes of its biggest corporate success story.”
Alibaba and payments giant Ant Group are facing antitrust scrutiny and questions over risks to financial stability. The unravelling of Ant’s $35 billion IPO in November set in motion a string of decrees regulating China’s technology sector.
Stephen Innes, chief global market strategist at Axi, said Mr Ma was instructed to remain in China during the probe by mainland regulators.
“This continues to weigh on Alibaba stocks as Chinese regulators are concerned about technology companies getting too powerful and venturing into financial services, where their monopolistic tendencies can squeeze out banks from a lower fees perspective. Banks do not possess the means or wherewithal to complete with tech sector behemoths.”
Only clarity regarding the policy can remove the current bearishness in the stock
In a rare move, Mr Ma in October said China’s financial system was "stifling" tech innovation. He has since edged away from the public limelight since the Ant IPO collapsed.
“When the chief executive becomes AWOL, investors do not think that is a good sign,” said Naeem Aslam, chief market analyst at Avatrade.
“In these difficult times, we need assurance from the chief executive that he has what it takes to pull the company out of this mess and steer the business in the right direction. The fact that we have not heard anything from Jack Ma isn’t helping the stock or providing any assurance to investors.”
Investors are also worried that the anti-trust scrutiny and tighter regulations will spread beyond Mr Ma’s internet empire to other powerful tech companies such as Tencent Holdings and JD.com.
“Investors are shying away from large China tech in favour of smaller tech [firms] that might sneak in through the side door providing tech services that the large tech might not be allowed to complete,” added Mr Innes.
Regulators have asked FinTech giant Ant Group to revamp its business model and return to its original business as a payment services provider.
The group is reportedly planning to form a holding company to house its wealth management, consumer lending, insurance and payments services as well as MYbank.
Under such a structure, Ant’s businesses would likely be subject to more capital restrictions.
The Written World: How Literature Shaped History
Martin Puchner
Granta
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FA Cup semi-finals
Saturday: Manchester United v Tottenham Hotspur, 8.15pm (UAE)
Sunday: Chelsea v Southampton, 6pm (UAE)
Matches on Bein Sports
Roll of honour 2019-2020
Dubai Rugby Sevens
Winners: Dubai Hurricanes
Runners up: Bahrain
West Asia Premiership
Winners: Bahrain
Runners up: UAE Premiership
UAE Premiership
Winners: Dubai Exiles
Runners up: Dubai Hurricanes
UAE Division One
Winners: Abu Dhabi Saracens
Runners up: Dubai Hurricanes II
UAE Division Two
Winners: Barrelhouse
Runners up: RAK Rugby
The%20Boy%20and%20the%20Heron
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The specs
Engine: 4.0-litre flat-six
Torque: 450Nm at 6,100rpm
Transmission: 7-speed PDK auto or 6-speed manual
Fuel economy, combined: 13.8L/100km
On sale: Available to order now
Ferrari 12Cilindri specs
Engine: naturally aspirated 6.5-liter V12
Power: 819hp
Torque: 678Nm at 7,250rpm
Price: From Dh1,700,000
Available: Now
The 12 breakaway clubs
England
Arsenal, Chelsea, Liverpool, Manchester City, Manchester United, Tottenham Hotspur
Italy
AC Milan, Inter Milan, Juventus
Spain
Atletico Madrid, Barcelona, Real Madrid
FROM%20THE%20ASHES
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Teaching in coronavirus times
Global state-owned investor ranking by size
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UAE
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Norway
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Canada
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Singapore
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Australia
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RESULTS
Catchweight 82kg
Piotr Kuberski (POL) beat Ahmed Saeb (IRQ) by decision.
Women’s bantamweight
Corinne Laframboise (CAN) beat Cornelia Holm (SWE) by unanimous decision.
Welterweight
Omar Hussein (PAL) beat Vitalii Stoian (UKR) by unanimous decision.
Welterweight
Josh Togo (LEB) beat Ali Dyusenov (UZB) by unanimous decision.
Flyweight
Isaac Pimentel (BRA) beat Delfin Nawen (PHI) TKO round-3.
Catchweight 80kg
Seb Eubank (GBR) beat Emad Hanbali (SYR) KO round 1.
Lightweight
Mohammad Yahya (UAE) beat Ramadan Noaman (EGY) TKO round 2.
Lightweight
Alan Omer (GER) beat Reydon Romero (PHI) submission 1.
Welterweight
Juho Valamaa (FIN) beat Ahmed Labban (LEB) by unanimous decision.
Featherweight
Elias Boudegzdame (ALG) beat Austin Arnett (USA) by unanimous decision.
Super heavyweight
Maciej Sosnowski (POL) beat Ibrahim El Sawi (EGY) by submission round 1.
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Gothia Cup 2025
4,872 matches
1,942 teams
116 pitches
76 nations
26 UAE teams
15 Lebanese teams
2 Kuwaiti teams
Why seagrass matters
- Carbon sink: Seagrass sequesters carbon up to 35X faster than tropical rainforests
- Marine nursery: Crucial habitat for juvenile fish, crustations, and invertebrates
- Biodiversity: Support species like sea turtles, dugongs, and seabirds
- Coastal protection: Reduce erosion and improve water quality
The specs
- Engine: 3.9-litre twin-turbo V8
- Power: 640hp
- Torque: 760nm
- On sale: 2026
- Price: Not announced yet
Buy farm-fresh food
The UAE is stepping up its game when it comes to platforms for local farms to show off and sell their produce.
In Dubai, visit Emirati Farmers Souq at The Pointe every Saturday from 8am to 2pm, which has produce from Al Ammar Farm, Omar Al Katri Farm, Hikarivege Vegetables, Rashed Farms and Al Khaleej Honey Trading, among others.
In Sharjah, the Aljada residential community will launch a new outdoor farmers’ market every Friday starting this weekend. Manbat will be held from 3pm to 8pm, and will host 30 farmers, local home-grown entrepreneurs and food stalls from the teams behind Badia Farms; Emirates Hydroponics Farms; Modern Organic Farm; Revolution Real; Astraea Farms; and Al Khaleej Food.
In Abu Dhabi, order farm produce from Food Crowd, an online grocery platform that supplies fresh and organic ingredients directly from farms such as Emirates Bio Farm, TFC, Armela Farms and mother company Al Dahra.
The specs
Engine: 1.5-litre turbo
Power: 181hp
Torque: 230Nm
Transmission: 6-speed automatic
Starting price: Dh79,000
On sale: Now
SPECS
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LILO & STITCH
Starring: Sydney Elizebeth Agudong, Maia Kealoha, Chris Sanders
Director: Dean Fleischer Camp
Rating: 4.5/5
FIGHT CARD
Welterweight Mostafa Radi (PAL) v Tohir Zhuraev (TJK)
Catchweight 75kg Leandro Martins (BRA) v Anas Siraj Mounir (MAR)
Flyweight Corinne Laframboise (CAN) v Manon Fiorot (FRA)
Featherweight Ahmed Al Darmaki (UAE) v Bogdan Kirilenko (UZB)
Lightweight Izzedine Al Derabani (JOR) v Atabek Abdimitalipov (KYG)
Featherweight Yousef Al Housani (UAE) v Mohamed Arsharq Ali (SLA)
Catchweight 69kg Jung Han-gook (KOR) v Elias Boudegzdame (ALG)
Catchweight 71kg Usman Nurmagomedov (RUS) v Jerry Kvarnstrom (FIN)
Featherweight title Lee Do-gyeom (KOR) v Alexandru Chitoran (ROU)
Lightweight title Bruno Machado (BRA) v Mike Santiago (USA)
Race card
5pm: Maiden (PA) Dh80,000 1,600m
5.30pm: Maiden (PA) Dh80,000 1,600m
6pm: Arabian Triple Crown Round-2 Group 3 (PA) Dh300,000 2,200m
6.30pm: Liwa Oaisi Group 2 (PA) Dh300,000 1,400m
7pm: Wathba Stallions Cup Handicap (PA) Dh70,000 1,600m
7.30pm: Handicap (TB) Dh100,000 1,600m
The National selections: 5pm: Flit Al Maury, 5.30pm: Sadah, 6pm: RB Seqondtonone, 6.30pm: RB Money To Burn, 7pm: SS Jalmood, 7.30pm: Dalaalaat
GAC GS8 Specs
Engine: 2.0-litre 4cyl turbo
Power: 248hp at 5,200rpm
Torque: 400Nm at 1,750-4,000rpm
Transmission: 8-speed auto
Fuel consumption: 9.1L/100km
On sale: Now
Price: From Dh149,900
