China launched an investigation into the country's biggest tech company, Ali Baba, on Thursday for suspected monopolistic behavior.

It's the latest blow for company co founder Jack Ma's e commerce and Fintech empire and part of a wider, accelerating crackdown by Beijing on its booming tech industry.

According to officials, China's financial regulators will meet with both Ali Baba and its affiliate Ant Group in the coming days to discuss an alleged practice that in China is called choosing one from two.

The practice requires merchants to sign exclusive cooperation packs, preventing them from offering products on rival platforms.

The People's Bank of China on Thursday said that the meeting is to quote guide ant group to implement financial supervision, fair competition and protect the legitimate rights and interests of consumers.

Aunt said it had received a notice from regulators and would comply with all regulatory requirements.

Ali Baba said it would cooperate with the investigation and that its operations remains normal.

In a strongly worded editorial, the ruling Communist Parties People's Daily said that if quote monopoly is tolerated and companies air allowed to expand in a disorderly and barbarian manner, the industry won't develop in a healthy way.

Last month, Chinese regulators suspended ants planned $37 billion initial public offering.

At the last minute, the I P O had been on track to be the world's largest.

China's Internet sector has benefited from the government's support for innovation, but state regulators have said that the industry must abide by rules and laws.