China Probes Party Chief of Alibaba’s Home City
China has launched an investigation about «serious disciplinary violations» against the top government official of Hangzhou – the home city of Jack Ma and his tech empire.
Zhou Jiangyoung has been placed under investigation for «serious violations of party discipline and state law», according to a statement on Saturday from the Central Commission for Discipline Inspection (CCDI) without elaborating on the suspected offenses.
Thereafter, a top Hangzhou committee reaffirmed its commitment to anti-corruption which was followed by a separate CCDI statement saying that city will undertake a campaign to root out inappropriate government-business ties.
Social Media Claims
The statements and actions over the weekend coincided with allegations circulating on China’s social media that Zhou’s family had bought shares in a fintech company head of its initial public offering in November, according to a report by state-backed «Shanghai United Media Group».
The posts, which did not the company, have since been deleted, the report added.
On Sunday, Ant Group denied that «certain individuals» bought its shares ahead of the planned IPO last year, as «recent online rumors» had suggested, without further elaborating.
