prices dipped after Chinese authorities took action against an individual surnamed Ma, but recovered when it was clarified that this person was not the company's founder.
A man in
was taken into custody for activities on the internet that endangered national security.
The broadcaster later revised the article to make clear that the individual in question was not
billionaire Alibaba founder Jack Ma.
did not immediately respond to a
request for comment on the media report.
dropped in early trading, but later pared its losses.
Some people believed that a man with the surname Ma in
helped an investigation, which caused panic in the stock market, but this was clarified and the
market calmed down
have been under pressure from
in the last couple of years.
Authorities cracked down on
business empire after he gave a speech accusing financial watchdogs of stifling innovation.
, a fintech firm founded by Jack Ma, had its
listing suspended in
due to regulatory investigations.
has been keeping a low public profile since the