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Alibaba freezes executive pay rise amid China s big tech crackdown: Report
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Alibaba freezes executive pay rise amid China s big tech crackdown: Report
Reuters / Apr 30, 2021, 12:15 IST
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BEIJING: Chinese e-commerce giant Alibaba Group Holding has frozen pay raises for senior executives in 2021, and is instead giving junior staff bigger pay rises, sources said, in an effort to retain its main workforce amid a regulatory clampdown. Talent is Alibaba Group s most important asset. We have a robust and competitive compensation system that reflects our priorities in cultivating our next generation of talents, Alibaba said in a statement.
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BEIJING: China denied on Friday it was planning to hit e-commerce giant Alibaba with a fine of almost $1 billion for allegedly flouting monopoly rules, as authorities put the screws on the firm as part of a crackdown on the technology sector.
Officials are considering a hefty penalty that could top the $975 million paid by US chipmaker Qualcomm in 2015 the biggest known for anticompetitive practices in China the Wall Street Journal reported Thursday, citing unnamed people with knowledge of the matter .
But the regulator in charge of the case told AFP there was no truth to the story. If it s not there (on our website), it s not (true), a spokeswoman for the state administration for market regulation said.