Alibaba has disclosed a more extensive network of Chinese government stakes in its business units than previously known, following an inquiry by the U.S. Securities and Exchange Commission (SEC). In amended filings in the U.S. and Hong Kong, the Hangzhou-based e-commerce giant revealed that more than a dozen of its entities are partially owned by Chinese state-owned enterprises or foreign sovereign wealth funds. Specifically, state-owned enterprises have shares in six of Alibaba's direct-sales businesses, contributing less than 6% of its total revenue for the fiscal year ending March 2023. Five of these stakes were below 10%, and one was below 30%. This disclosure comes amid broader regulatory scrutiny, as the Corporate Affairs Ministry is investigating Chinese companies linked to loan apps, with investigations at advanced stages. Furthermore, the China Securities Regulatory Commission (CSRC) is taking steps to reduce the size of the Direct Market Access (DMA), a highly leveraged quantitative trading strategy that has contributed to recent turmoil in China's stock market.