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Alibaba shrugs off $2 75bn antitrust fine as shares rally
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Alibaba says does not expect material impact from antitrust fine, shares rally
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Alibaba says does not expect material impact from antitrust fine, shares rally
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Alibaba says does not expect material impact from antitrust fine, shares rally
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China hits Alibaba with record US$2.78 billion fine
AFP, SHANGHAI
Chinese regulators yesterday hit e-commerce giant Alibaba Group Holding Ltd (阿里巴巴) with a record 18.2 billion yuan (US$2.78 billion) fine over practices deemed to be an abuse of the company’s dominant market position.
Alibaba, the Chinese e-commerce leader cofounded by Jack Ma (馬雲) and one of the world’s most valuable companies, said it accepted the penalty and pledged to outline plans yesterday for bringing its operations into compliance.
The fine appeared to cap a government crackdown on major Chinese tech platforms, and Alibaba in particular, over allegations of anti-competitive behavior and misuse of consumer data.