by Tyler Durden
Saturday, Apr 10, 2021 - 10:45 AM
Chinese anti-trust regulators have just slapped Alibaba with a record RMB18.2 billion ($2.8 billion) fine after concluding that the Chinese e-commerce giant had abused its market dominance for the sake of profit at the expense of Chinese society.
The FT reported that China s State Administration of Market Regulation announced the penalty on Saturday. It was set at 4% of Alibaba s 2019 revenues, amounting to a slap on the wrist. Alibaba was meant to carry out a comprehensive rectification drive on its platform, a reference to what antitrust regulators deemed the company s primary sin: forcing merchants to sell exclusively on its Tmall and Taobao online shopping platforms. The review is intended to force Alibaba to strengthen its legal controls and compliance with the new antitrust framework. Alibaba has 15 days to submit a report detailing changes to this illegal behavior. In a statement, Alibaba said it sincerely accepted the
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How JD.com founder Richard Liu rebounded from a Minneapolis sex scandal to achieve a hat-trick of IPOs in Hong Kong Minghe Hu minghe.hu@scmp.com JD.com founder Richard Liu attends a business forum in Hong Kong in this file photo dated June 9, 2017. Photo: Reuters
Richard Liu Qiangdong, the billionaire founder of Chinese e-commerce giant JD.com, has emerged as one of the biggest winners in China s tech sector, with two successful public listings in Hong Kong and another in the pipeline, in what analysts are calling an impressive comeback after being mired in a sex scandal two and a half years ago.
English By Joyce Huang Share on Facebook Print this page
TAIPEI, TAIWAN - China’s regulators have reiterated that their probe into financial technology giant Ant Group, founded by the beleaguered billionaire Jack Ma, would not undermine the company’s development and was not a move against private firms – a message widely seen as a government effort to alleviate market concerns over the entrepreneur and the fate of his business empire, Alibaba Group.
But most observers VOA spoke to remain convinced that by tightening regulatory controls, China is pressuring Ma into cooperating and sharing the troves of consumer-credit data collected by both Ant and Alibaba, which is also under anti-monopoly investigation.