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SEC probe weighs on Alibaba stock, after strong earnings result

In an environment where regulators have slapped major banks with multi-million dollar fines for breaking rules, the SEC's on-going investigation into Alibaba's accounting practices is clouding investor sentiment, one portfolio manager told CNBC.

Christian Magoon, CEO at Amplify Investments, told CNBC's "The Rundown" that investors were hesitant to initiate a new position on Alibaba's stock because they were not sure if the U.S. Securities and Exchange Commission (SEC) would hand the Chinese e-commerce giant fines or penalties.

Alibaba said in May that the SEC was looking into its accounting practices related to transactions between its Cainiao logistics arm and other affiliates, as well as the way it...


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