Trump Wants to Put Alibaba on the Trade Blacklist
“The United States wants to do something against Alibaba group” Alibaba Hong Kong stocks and US stocks are falling, and Hong Kong technology stocks are also falling collectively.
Madia reported, that the US State Department has submitted a proposal to the Trump administration to put it on the trade blacklist before Alibaba’s Ant Group is expected to go public.
According to news US State Department has submitted a proposal to the Trump administration to put it on the trade blacklist before Alibaba’s Ant Group is expected to go public. According to the report, it is not clear when the department responsible for determining the list of entities will hear this issue. At the same time, the White House also released a message to the Chinese hawks to prevent American investors from participating in the Ant IPO (initial public offering). Because the Trump administration is “worried” that US investors who buy the company’s shares may be deceived, Ant Group may also obtain sensitive bank data belonging to US users. The US State Department did not immediately respond to a request for comment. Ant Group stated in a statement to news agencies that only 5% of its business is outside China. Acordingto report the impact of including financial technology giants such as Ant Group on the entity list may be more symbolic, and the actual impact is still doubtful.
Ant Group responds to being blacked out, Alibaba shares fall
On October 15, the Ant Group responded to being blacklisted: The Trump administration is considering adding ants to the blacklist. Our business is mainly in China. We are excited about the growth prospects of the Chinese market. We are not aware of any relevant discussions in the US government. An Ant spokesperson also said that the listing process of Ant Group is progressing in an orderly manner, and there is no preset timetable, and any guesses about the timetable are not based on facts.
Affected by the news, the share price of Alibaba, an affiliate of Ant Group, fell in Hong Kong stocks. As of the close, it fell 4.3% to HK$284.8 per share.
Today, the Hang Seng Technology Index also plummeted 3.8%. Large technology stocks fell collectively. Tencent and JD.com plummeted by more than 4%, Meituan fell by more than 5%, and Xiaomi fell nearly 4%.
As of press time, Alibaba’s US stocks have also fallen more than 3% before the market.
The Trump administration is exploring restrictions on Ant Financial and Tencent
According to a Bloomberg report on the 7th local time, the Trump administration is exploring restrictions on Ant Financial and Tencent because of concerns that their digital payment platforms threaten the national security of the United States.
People familiar with the matter said that the recent debate on how to restrict and whether to restrict Ant Financial and Tencent’s payment system has accelerated among senior US officials, but no final decision has yet been made. US officials worry that Ant Financial and other Chinese financial technology platforms will dominate global digital payments. It also allows China to access the banking and personal data of hundreds of millions of people.
On October 9, in response to reports that the United States was considering sanctions against China’s Ant Group and Tencent, Chinese Foreign Ministry spokesperson Hua Chunying stated at a regular press conference on the 9th that the United States could not provide any real evidence.
Trump Wants to Put Alibaba on the Trade Blacklist - /10