Alibaba’s Hong Kong-listed shares were about 1% lower Tuesday — after earlier falling more than 9% —following unconfirmed rumors that linked the company’s founder Jack Ma to a national security investigation.

Chinese state media earlier reported that Hangzhou’s security office had taken “criminal coercive actions” against an individual with Ma’s last name, in response to suspicions that he was using the internet as a way of threatening national security.

CNBC could not confirm this report from China. Alibaba and Jack Ma Foundation didn’t immediately reply to our request for comment.

Subsequent state media updates revealed that the person’s first name had two Chinese characters rather than one. Jack Ma has only one character for his Chinese first name.

These “coercive” measures can be detention, arrest, or bail. According to state media, the security agency is currently investigating the matter.

Jack Ma, who was appointed to Alibaba’s board of directors in 2020, has resigned and is no longer responsible for executive duties. The company stated this in a statement dated July 20, 21.