Alibaba's India unit under probe

Alibaba's (9988) Indian arm is under probe after filing 'fabricated' documents to regulators, according to a report in The Economic Times, an Indian newspaper.

Alibaba's cloud unit in India is being investigated by the Ministry of Corporate Affairs and the Mumbai Police, the report said citing unnamed sources, adding that the probes are still ongoing. The police's investigation was based on a complaint filed against the firm and its partners, alleging criminal conspiracy, breach of trust and falsification of documents, it added.

This came as Tencent (0700) said it had formed an "extended reality" unit, three people familiar with the matter said, formally placing its bets on the metaverse concept of virtual worlds.

The unit is tasked with building up the extended reality business for Tencent including both software and hardware, they said. Two of the sources said the unit will eventually have over 300 staff.

In other news, Meituan (3690) founder Wang Xing reduced his holding in the food delivery giant to cash in HK$5.2 million yesterday following a sale of HK$19.79 million worth of shares earlier.