China's state broadcaster CCTV reported that a certain Ma was detained on charges of using the Internet to engage in activities that threaten national security.
Investors, fearing that the man in question was Alibaba billionaire founder Jack Ma, quickly dumped their shares, causing the stock to plunge 9.4 percent. However, after it became known that Jack Ma had not been detained, the company's shares rebounded from the drop on the Hong Kong Stock Exchange.
