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Alibaba Group Holding Ltd (NYSE: BABA)-backed Ant Group Co’s Chairman Eric Jing said the company is introspecting its “shortcomings,” as reported by Bloomberg.
What Happened: Jing said at the fourth China Internet Finance Forum on Tuesday that the company is working to “properly manage” issues related to its scuttled $35 billion initial public offering, according to Bloomberg.
Ant is “looking into the mirror, finding out our shortcomings, and conducting a body check-up.” as per the executive.
Jing revealed that the company was listening to public opinion including “various kinds of criticisms” and has accordingly been conducting a comprehensive self-review.”
TENCENT HOLDINGS ADR (TCEHY), (DOYU) - China s Tech Crackdown Turns Toward Tencent-Backed Douyu, Huya Merger
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Anti-trust regulator fines Alibaba, Tencent-backed China Literature for non-disclosure of deals
People walk by the Alibaba Group logo. Photo: Bloomberg Premium
China’s market regulator said on Monday it fined Alibaba Group, Tencent Holdings-backed China Literature and Shenzhen Hive Box 500,000 yuan ($76,464.29) each for not reporting deals properly for anti-trust reviews.
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China fines Alibaba, Tencent for failing to report past deals to anti-trust regulators Toggle share menu
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China fines Alibaba, Tencent for failing to report past deals to anti-trust regulators China s market regulator said on Monday it will fine Alibaba Group, Tencent Holdings-backed China Literature and Shenzhen Hive Box 500,000 yuan (US$76,464.29) each for not reporting deals properly for anti-trust reviews.
FILE PHOTO: A logo of Alibaba Group is seen during Alibaba Group s 11.11 Singles Day global shopping festival at a media center in Hangzhou, Zhejiang province, China, November 10, 2020. REUTERS/Aly Song/File Photo 2 related media assets (image or videos) available. Click to see the gallery.
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Alibaba Group Holding Ltd (NYSE: BABA) has been fined by the Chinese market regulator for not reporting past deals properly, Reuters reported Monday (Shanghai time).
What Happened: The State Administration of Market Regulation fined Alibaba $76,464.29 (RMB 500,000) after it reviewed the company’s deal with Intime Retail (Group) Co Ltd, according to Reuters.
The market regulator also fined Chinese technology conglomerate
Tencent Holdings Ltd (OTC: TCEHY) the same amount after it looked into its deal with New Classics Media.
Why It Matters: In 2017, the Jack Ma-led Chinese group made a $2.6 billion offer to fully acquire InTime a department store and mall operator and delist it from the Hong Kong Stock exchange, TechCrunch reported.
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