Title: China Demands Banks to Disclose Transactions with Alibaba's Financial Arm

Chinese regulatory authorities have requested banks and state-owned companies to disclose all their exposures to Ant Group, Alibaba's financial arm owned by business tycoon Jack Ma. This comes more than a year after the Chinese government canceled the largest initial public offering in history by Ant, valued at $35 billion in November 2021. Beijing has shown no leniency in the intensified campaign targeting what it deems harmful competitive practices in the rapidly growing Chinese internet sector. Alibaba’s business empire has faced intense scrutiny and record fines in China since its billionaire founder Jack Ma publicly criticized the country’s regulatory authorities, according to Bloomberg. Alibaba's shares, which own one-third of Ant Group, fell by 5.1% at the beginning of trading on Tuesday in the Hong Kong Stock Exchange, nearing their price levels at the time of listing in 2019. Jack Ma, who has remained out of the public eye since authorities launched a campaign against his vast business empire, was among the billionaires who suffered the most losses last year, with his wealth decreasing by approximately $13 billion.