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Alibaba shares plunge as Beijing ‘seeks to break up Ant’s Alipay

Shares in the Chinese technology company Alibaba have fallen sharply after reports said regulators wanted to break up Alipay, the payments app with more than 1 billion users owned by Jack Ma’s Ant Group.

Beijing is seeking to create a separate app for the company’s highly profitable loans businesses, in the latest crackdown on China’s technology sector by the state’s authorities.…

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