China’s securities regulator said it is investigating Hundsun Technologies Inc (恒生電子), which is linked to e-commerce giant Alibaba Group Holding Ltd (阿里巴巴), over allegations it played a role in past three weeks’ stock market turmoil.
Hundsun’s financial investment platform HOMS enables financial firms and online lenders to provide trading facilities to their clients, according to Bloomberg News.
The China Securities Regulatory Commission said on late on Monday that it had organized law enforcement authorities to inspect Hundsun for “clues” on securities rule violations, according to a statement, which gave no details.
Alibaba affiliate Ant Financial Services Group (螞蟻金服) — a financial services provider focused on serving small companies — holds a 20 percent stake in Hundsun, which like Alibaba is based in the eastern city of Hangzhou.
Media reports said HOMS was a factor behind recent volatility in China’s stock market. The company on Monday denied those allegations in a statement to the Shanghai Stock Exchange, where it is listed.
The 150 percent run-up in China’s benchmark Shanghai index, which was followed by a 30 percent fall in three weeks, was partly blamed on margin trading, through which investors borrow money to trade stocks.
Alibaba founder Jack Ma (馬雲) on Monday denied he was behind the recent market plunge.
“I’m shocked to hear that Hangzhou is the base camp for the ‘stock market disaster’ and Jack Ma collapsed China’s equity market,” he said on his microblog. “People keep mentioning you when it’s not your business.”
Ant Financial declined to comment.
Yesterday, the Shanghai index shifted in and out of positive territory all day, before closing down 1.16 percent, or 45.90 points, at 3,924.49, while Hundsun shares were up by the 10 percent daily limit, despite the allegations.
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