OREANDA-NEWS. The Chinese authorities are going to scale down the technological and financial business empire of the founder of Alibaba Group Jack Ma. This was reported by The Wall Street Journal, citing Chinese officials and government advisers familiar with the situation.

The Chinese authorities expect to get a larger share in Jack Ma’s business empire, the newspaper’s sources said. Regulators are focusing on the billionaire’s business as part of a campaign to strengthen oversight of the increasingly influential tech industry, they added.

Alibaba includes a division of Ant Group, a financial and technology giant that owns China’s largest payment service Alipay. Earlier this week, Chinese regulators demanded that Ant Group “get back to its roots” as a payment operator.