Communist Party official of Alibaba's base city being investigated

Politics Economy

A senior Communist Party official in China's eastern province of Zhejiang, where Alibaba Group Holding Ltd. is based, is being investigated for suspected serious violations of the party's disciplinary rules and laws, local media reported Tuesday. There is speculation that Zhou Jiangyong, a top ruling party official of Hangzhou, the capital of Zhejiang, has close relations with the country's IT giant, sparking concern that Alibaba may have been involved in financial irregularities. Hong Kong's Sing Tao Daily newspaper has said Zhou's family acquired private stocks worth 500 million yuan ($77.2 ...

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