HONG KONG (Reuters). Alibaba Shares in (NYSE:) fell by as high as 9.9% Tuesday following a report from state media that Chinese authorities took action against an individual named Ma. However, losses were recouped after the reports were revised to clarify it wasn’t Ma who founded the company.

CCTV reported the first time that authorities in Hangzhou (the headquarters of Alibaba) had taken action against Ma. Ma’s name was composed of two Chinese characters. Ma is suspected of using the Internet to conduct activities that could endanger national security.

After the original article was published, it was rewritten by the broadcaster to indicate that the incriminated person had a name of three characters. This indicated that Jack Ma is not the founder and billionaire Alibaba.

Alibaba’s spokesperson didn’t immediately reply to Reuters requests for comment.

Alibaba stock plunged as low as 9.4% when trading began in Hong Kong’s early morning. This was in an environment where there is less competition. The stock recovered most of its losses, and traded down 1.1% at 0310 GMT.

Talk about a man with Ma surname in Hangzhou who helped to investigate panic. But as clarification was provided… it helped calm the market,” stated Steven Leung of brokerage UOB Kay Hian.

Alibaba’s shares have suffered in recent years as a result of unprecedented regulation crackdowns on the sector, including for violating antimonopoly and data privacy rules.

Ma was going to Shanghai and he spoke out in October 2020, accusing financial watchdogs in China of suppressing innovation.

Ant Group, a fintech company worth $37 billion, was suspended by regulators two days before the planned launch on Nov. 5, 2020. The order required that Ant be restructured. Antitrust investigations were launched into Ma’s businesses. In April 2021, Alibaba received a $2.75 Billion record fine.

Ma, for his part, has kept a low profile public since the crackdown started.