The ground-breaking announcement from Baba came in the form of a partnership with China’s largest automaker SAIC Motor, to launch a new electric vehicle sedan in the world’s largest automotive market.
It has not been the best way to end the year for Chinese stocks as first, electric vehicle maker Kandi (NASDAQ:KNDI) was hit with fraudulent accusations about their sales reporting and now, the Chinese government is investigating Ali Baba (NYSE:BABA).