After enjoying a broadly healthy run-up at the start of September, markets were again on the back foot as traders reassess their growth outlook for this year in light of the fast-spreading Delta variant
The consortium aims to finalise the deal by the end of this year, with the goal of eventually relisting Weibo in China to take advantage of higher valuations.
Weibo shares jumped more than 40% in pre-open trade in New York
All crypto mines in the sparsely populated but coal- and hydropower-rich regions of Inner Mongolia and Qinghai were also ordered to shut down in recent months
"The idea that Jack has this enormous amount of power, I think that's not quite right," Tsai said. "He is just like you and me, he's a normal individual."
Alibaba was also fined $2.8 billion in April for anti-competitive business practices.
Eyes will be on the release of consumer price data this week, after figures Friday showed the producer price index last month came in above forecasts and hit its highest level in almost a decade.
The Alibaba business empire has come under intense scrutiny in China since its billionaire founder Jack Ma’s stinging public criticism of the country’s regulatory system in October.
Regulators in China have punished e-commerce giant Alibaba with a massive $2.78 billion (18.2 billion yuan) fine over practices deemed to be an abuse of the company's dominant (and monopolistic) market position.
Alibaba in particular has remained under scrutiny since last year, when co-founder Jack Ma criticised Chinese regulators as being "behind the times", after the company's financial arm Ant Group was investigated.
The penalty, equivalent to around 4% of Alibaba’s 2019 revenues, comes amid an unprecedented regulatory crackdown on home-grown technology conglomerates in the past few months that have weighed on company shares.
"The advantages of a secondary listing in Hong Kong include relatively manageable regulatory process and time frame, ability to attract more Mainland Chinese and Hong Kong investors as well as efficient capital raising process," Zhu said.