Chinese state broadcaster CCTV on Tuesday, May 3, reported that Hangzhou officials have imposed “compulsory measures” against a person name Ma Moumou since April 25.

The report said that the person is suspected of using the internet to encourage subversion of state authority and other national security-related activities. No other detail was given.

According to Bloomberg, the report initially only mentioned the person’s surname Ma. This has caused speculation that the individual was Alibaba co-founder Jack Ma and prompted major shares selling off of 9.4% in Hong Kong.

Investors’ sentiment around Jack Ma has been on high alert especially since Alibaba’s affiliate Ant Group was linked to an anti-corruption case involving a former party chief in Hangzhou. Bloomberg reported last month that Beijing’s anti-graft watchdog has directly laid eyes on the firm as it investigated the official.

Alibaba’s stocks rebounded later after CCTV updated the person’s full name and the misunderstanding was settled.

About the individual, the Chinese government mouthpiece Global Times reported that he worked for an IT business as the director of hardware research and development.

It said that he had been collaborating with anti-China entities from outside the country since 2022. The report said he was influenced by an “anti-China figure.”

Ma Moumou was also accused of using the internet to “spread rumors and disinformation and release so-called independence declarations to split the country and subvert the state.”

These are the common charges used against pro-democracy Hong Kongers. One such recent example is the case with 25 years old engineering undergraduate Lui Sai-yu who was charged with inciting secession. He was sentenced to 5 years in jail over online posts that read slogans that used to be typical in Hong Kong back in 2019.

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