Jack Ma, the founder and executive chairman of Alibaba Group, is denying media criticism that Hundsun Technologies Inc. is responsible for China's stock market crash.
The China Securities Regulatory Commission (CSRC) has visited the premises of Hundsun Technologies, which is controlled by Alibaba, over public concerns that its financing service may be unlawful.
Ma says he has not invested in the stock market for many years and feels that he and the city of Hangzhou are being wrongly targeted.
Ma also says he has been on overseas business trips recently and has had no time for China's stock market.
He adds that he had planned to share his personal tips for playing the stock market, but decided it was better to keep a low profile in that regard.
"Even if it's none of my business, someone will point a finger," he wrote.
The Hangzhou-based financial software company provides its HOMS system to assist over-the-counter share financing, a kind of leverage that can magnify both gains and losses.
According to a Hundsun spokesperson, HOMS is just a "technical tool" for private funds, and suggestions that the system triggered the chaos of China's stock market over the past weeks is "very much biased and unprofessional."
Sun Xuanzhong, a professor at China University of Political Science and Law, says the recent plunge in stock shares is due to a variety of reasons. It's a simplification to accuse one company or software of being to blame, he adds.
The CSRC says they are "looking for clues" as part of the investigation, without elaborating.
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