China launches antitrust investigation into Alibaba

Chinese regulators have launched an anti-monopoly investigation into technology giant Alibaba and will also look into its online finance spinoff, Ant Group.

On Thursday, the state market supervision administration said it had filed the investigation alleging "suspected monopolistic practices".

The People’s Bank of China, China Banking Regulatory Commission, China Securities Regulatory Commission and State Administration of Foreign Exchange said they would also meet Ant Group for "supervisory and guidance" talks.

Chinese regulators had already warned Alibaba about forcing merchants to sign exclusive deals which prevent them from offering products on rival platforms - a practice known as "choosing one from two".

Ant Group said it would "diligently study and strictly comply with regulatory departments’ requests".

Alibaba shares slumped 8% on the news.