Is the Chinese Government Tightening Its Grip on Alibaba?

The city of Hangzhou, where Chinese tech Alibaba (NYSE: BABA) is based, recently announced that it would designate government officials to work with 100 local companies. The city didn't release a full list of those companies, but Chinese state media stated that Alibaba and automaker Geely were both on the list.

The city stated that the initiative was mainly aimed at improving companies' manufacturing capabilities, and Alibaba stated that the representative would only serve as a "bridge to the private sector" and wouldn't "interfere with the company's operations."

Image source: Alibaba.

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Source Fool.com