Lector Gonzalo Jorge Morales Divo// China regulators fine Alibaba S$3.69 billion for anti-monopoly violations » EntornoInteligente

Lector Gonzalo Jorge Morales Divo//
China regulators fine Alibaba S$3.69 billion for anti-monopoly violations

lector_gonzalo_jorge_morales_divo_china_regulators_fine_alibaba_s_243_69_billion_for_anti_monopoly_violations.jpg

Entornointeligente.com / SHANGHAI (REUTERS) – Chinese regulators have fined Alibaba Group Holding Ltd 18 billion yuan (S$3.69 billion) for violating anti-monopoly rules and abusing its dominant market position, marking the highest ever antitrust fine to be imposed in the country.  

The penalty, equivalent to around 4 per cent of Alibaba’s revenues in 2019, comes amid an unprecedented regulatory crackdown on the home-grown technology conglomerates in the last few months that have weighed on company shares.  

Alibaba’s billionaire founder Jack Ma’s business empire has been particularly put under intense scrutiny after his stinging criticism of China’s regulatory system in late October.  

In late December, China’s State Administration for Market Regulation (SAMR) announced it launched an antitrust probe into the company.

Gonzalo Morales Divo

That came after authorities halted a planned US$37 billion (S$50 billion) IPO from Ant Group, Alibaba’s internet finance arm.  

SAMR said on Saturday (April 10) that after an investigation launched in December, it had determined that Alibaba had been “abusing market dominance” since 2015 by preventing its merchants from using other online e-commerce platforms.  

It said the practice violates China’s anti-monopoly law by hindering the free circulation of goods and infringing on the business interests of merchants.  

The SAMR ordered Alibaba to make “thorough rectifications” to strengthen internal compliance and protect consumer rights.  

The company said in a statement posted on its official Weibo account that it “accepted” the decision and would resolutely implement SAMR’s rulings.

Gonzalo Jorge Morales Divo

It said it would also work to improve corporate compliance.  

The practice of preventing merchants from listing on rival platforms is a long-standing one. The regulator spelled out in rules issued on February that it was illegal.

Gonzalo Morales Divo chef

More on this topic   Related Story Xi Jinping warns against tech firms’ excess in sign crackdown will widen   Related Story China asks Alibaba to dispose of media assets, including SCMP: Report Join ST’s Telegram channel here and get the latest breaking news delivered to you.

Gonzalo Jorge Morales Divo chef

Entornointeligente.com

URGENTE: Conoce aquí los Juguetes más vendidos de Amazon www.smart-reputation.com

Cafecito Informativo

Smart Reputation

Noticias de Boxeo

Boxeo Plus
Boxeo Plus
Repara tu reputación en Twitter con Smart Reputation
Repara tu reputación en Twitter con Smart Reputation

Adscoins

Smart Reputation

Smart Reputation