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Alibaba shares fall sharply

Shares in Chinese technology company Alibaba have fallen sharply after a report that its financial affiliate Ant Group is again under scrutiny.
 
Shares closed 4.2% lower in Hong Kong trade on Monday.
 
According to the Financial Times, regulators want to break up Alipay, which is China's biggest payments app with more than a billion users.
 
A separate platform for the app's profitable lending operation would be created under the plan.
 
It would be the latest move by Beijing to tighten its grip on big businesses.
 


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