China just slapped a record antitrust fine on Alibaba Group Holding Ltd. The company thanked the government and investors breathed a sigh of relief.
Alibaba’s American depositary receipts climbed 9.3% on Monday in New York, their biggest jump in almost four years.
For Jack Ma, the founder of the e-commerce giant, it meant his fortune increased by $2.3 billion to $52.1 billion, according to the Bloomberg Billionaires Index.
The $2.8 billion fine is less severe than some investors feared and is based on only 4% of the company’s 2019 domestic sales, far less than the maximum 10% allowed under Chinese law.
While the internet giant will have to adjust the way it does business, its vice chairman said regulators won’t impose a radical overhaul of its e-commerce strategy and its chief executive officer declared Alibaba ready to move on.
Ma is now China’s third-richest person after Zhong Shanshan of bottled-water company Nongfu Spring Co and Tencent Holdings Ltd’s Pony Ma. AFP
China just slapped a record antitrust fine on Alibaba Group Holding Ltd. The company thanked the government and investors breathed a sigh of relief.
Alibaba’s American depositary receipts climbed 9.3% on Monday in New York, their biggest jump in almost four years. For Jack Ma, the founder of the e-commerce giant, it meant his fortune increased by US$2.3bil (RM9.50bil) to US$52.1bil (RM215.38bil), according to the Bloomberg Billionaires Index.
The US$2.8bil (RM11.57bil) fine is less severe than some investors feared and is based on only 4% of the company’s 2019 domestic sales, far less than the maximum 10% allowed under Chinese law. While the Internet giant will have to adjust the way it does business, its vice chairman said regulators won’t impose a radical overhaul of its e-commerce strategy and its chief executive officer decla