The Hangzhou-based company was the first of China's tech champions to feel the wrath of a government that has become concerned over their rapid growth and data security
Minmetals said in a statement that it received a notice from the State Administration for Market Regulation in recent days about an investigation into the joint venture formed in 2015, in which Alibaba transferred its 44% stake to an unrelated firm in 2019.
The smaller Shenzhen index was up 0.79%, the start-up board ChiNext Composite index was higher by 1.4% and Shanghai's tech-focused STAR50 index was up 0.84%?.