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China kicks off antitrust probes into Alibaba over alleged monopolistic practices, as regulators summon Ant to meet Jane Zhang jane.zhang@scmp.com The State Administration of Market Regulation has officially started investigating Alibaba Group Holding over suspected monopolistic practices. Photo: Reuters
China s antitrust regulator has officially started investigations into Alibaba Group Holding over alleged monopolistic business practices including a requirement for e-commerce merchants to pick only one platform as their exclusive distribution channel.
Separately, China s central bank said it would summon Ant Group s executives for a meeting with the financial regulators covering banking and insurance, securities and foreign exchange, as it tightens regulations on the fintech industry.
Chinese Financial Watchdogs to Talk Regulation With Ant Group Xinhua Chinese Financial Watchdogs to Talk Regulation With Ant Group
(Yicai Global) Dec. 24 China s central bank and three other financial regulators will hold regulatory talks with Ant Group within the next few days.
The People s Bank of China, the China Banking and Insurance Regulatory Commission, the China Securities Regulatory Commission and the State Administration of Foreign Exchange will carry out the discussions with the affiliate of tech titan Alibaba Group Holding. Ant is the world’s largest fintech company.
The agencies are expected to urge and guide the group to abide by market-driven, law-based principles, implement financial oversight requirements, compete fairly, protect consumers rights and interests and regulate the operation and development of its financial businesses.
China launches anti-trust probe into e-commerce giant Alibaba; here are details orissapost.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from orissapost.com Daily Mail and Mail on Sunday newspapers.
By Eugene Y. Leeroy | CHINA DAILY | Updated: 2020-12-24 08:10 Share CLOSE US President Donald Trump speaks during a cabinet meeting at the White House in Washington, D.C., April 9, 2018. /Xinhua
Outgoing US President Donald Trump has signed a bill calling for the delisting of foreign companies that don t adhere to the same accounting transparency standards that securities regulators impose on US public companies.
The US Congress passed the Holding Foreign Corporation Accountability Act on Dec 2, which prohibits foreign companies, despite being listed in the US, from trading in the country if they do not comply with the accounting requirements of the US Securities and Exchange Commission for three consecutive years.
Alibaba, owned by Jack Ma, is arguably the biggest e-commerce company in the world.
Jack Ma-led Alibaba Group is being investigated under the anti-monopoly law, a measure seen as an effort by ruling Communist Party to control fast-growing tech industries.
“China s State Administration for Market Regulation (SAMR) has started investigation on Alibaba Group for alleged monopoly conduct including implementing an ‘exclusive dealing agreement ,” according to Xinhua.
The announcement shook several investors who dumped shares of Alibaba s subsidiaries and affiliates, as well as other Internet firms that are at risk of being targeted by Chinese antitrust regulators. Alibaba shares fell nearly 9 per cent in Hong Kong.