Alibaba (BABA.US) stock struggles for second straight session as the company is still under enormous regulatory pressure. On Saturday The People’s Bank of China ordered Ant Group to overhaul its business and comply with regulatory requirements. The move comes amid increased scrutiny of anti-monopoly practises in China. It is yet another hit for Alibaba as it owns a 33% stake in Ant Group - the world's largest financial technology firm company. Earlier China’s market regulator launched an antitrust probe into Alibaba Group. In response, the firm announced that it would increase its share buyback program to $10 billion from $6 billion. However, the decision did not ease concerns about company’s future - some slight selling pressure is still there. The stock has shed over 30% since October 27.
Alibaba (BABA.US) share price is trading slightly below the flatline at press time. Even though the stock bounced off an intraday low from December 24 ($211,19), the company still struggles with some selling pressure and buyers are not able to regain control. Source: xStation5
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