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China plans to break up Alibaba's payment app

Shares in Chinese technology giant Alibaba have fallen sharply after a report that its financial affiliate Ant Group is again under scrutiny.

Regulators want to break up Alipay, which is China's biggest payments app with more than a billion users, according to the Financial Times.

Alibaba shares closed 4.2% lower in Hong Kong trade on Monday. Ant Group did not immediately respond to a request for information from the BBC. This would not be the first time that Ant Group has been targeted by the Chinese government.

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