alibaba monopoly probe

China slapped a record $2.8 billion fine on Alibaba Group Holding after an anti-monopoly probe found it abused its market dominance, as Beijing clamps down on its internet giants. Data is a real-time snapshot *Data is delayed at least 15 minutes. Global Business and Financial News, Stock Quotes, and Market Data and Analysis. China fines Alibaba Group $2.8 billion in monopoly probe. The fine came with a plethora of “rectifications” that Alibaba will have to put in place -- such as curtailing the practice of forcing merchants to choose between Alibaba or a competing platform -- many of which the company had already pledged to establish. “China slapped a record US$2.8 billion fine on Alibaba Group after an anti-monopoly probe found it abused its market dominance, as Beijing clamps down on its internet giants,” reported Bloomberg. Alibaba has also set aside billions of yuan of additional spending to support initiatives for merchants, executives said. Sign up for free newsletters and get more CNBC delivered to your inbox. The penalty, equivalent to 4 percent of the company’s revenue in 2019, is … Get this delivered to your inbox, and more info about our products and services. Dec 24 2020, 6:18 AM Dec 28 2020, 5:39 PM December 24 … China slapped a record R40 billion fine on Alibaba Group Holding Ltd. after an anti-monopoly probe found it abused China fines Alibaba R40 billion in anti-monopoly probe | … © 2021 CNBC LLC. In January, the eccentric billionaire briefly reappeared in a video as part of one of his charity foundation's initiatives. livemint.com - Bloomberg • 1h. Natalie Lung, Bloomberg News. Regulators opened a probe into the company's monopolistic practices in December. A Division of NBCUniversal. China has entire sectors of state sponsored monopolies called SOE’s (state owned enterprises), any anti-monopoly probe is in reality either a joke or a … Going ahead, the firm will focus on providing better services for its customers and merchants while complying with regulators. The 18.2 billion yuan penalty is triple the previous high of almost $1 billion that US chipmaker Qualcomm had to pay in 2015, and was based on 4% of Alibaba's 2019 domestic revenue, according to China's antitrust … China’s State Administration for Market Regulation has levied a fine of a whopping $2.8 billion against Alibaba Group Holding Ltd. for mistreating its dominant position over rivals and merchants on its e-commerce platforms. “We experienced this scrutiny and we’re happy to get this matter behind us,” Vice Chairman Joseph Tsai told analysts. All Rights Reserved. Thu, 24 December 2020 11:06AM. Alibaba fined $2.8 billion by Chinese regulators amid regulatory scrutiny on business empire. Low Efficacy of Chinese Shots Sows Concern on Global Rollout, Simple Math Is About to Cause an Inflation Problem, Stocks Drop From Record Highs; Yields Edge Higher: Markets Wrap, Microsoft in Talks to Buy AI Firm Nuance Communications, Bitcoin Nears Record Before Largest U.S. Crypto Exchange Listing. The government said that "choose one" policy and others allowed Alibaba to bolster its position in the market and gain unfair competitive advantages. Large-scale internet companies are doing a lot of things to grow the economy, he added, “and we’re in the middle of this, promoting government policy.”. Ant has since committed to listing and said it would help employees monetize shares. The probe's main focus was a practice that forces merchants to choose one of two platforms, rather than being able to work with both. Updates with more details from the call starting in fifth paragraph. Chinese regulators on Thursday announced an anti-monopoly investigation of e-commerce giant Alibaba Group, stepping up the ruling Communist … — With assistance by Vlad Savov, and Zheping Huang, Regulators also looking at mergers, investments in industry, Internet giant was fined a record $2.8 billion by regulators. WATCH: Alibaba Group Holding Ltd. has taken the unusual step of thanking Chinese regulators after the record $2.8 billion fine for abusing its market dominance. Alibaba shares jump 8% after being hit with $ 2.8 billion fine in anti-monopoly probe. — CNBC's Arjun Kharpal, Evelyn Cheng and Eunice Yoon contributed to this report. Jack Ma's Alibaba Group Fined $2.75 Billion By Chinese Regulator For Violating Anti-Monopoly Rules by Swarajya Staff - Apr 10, 2021 03:42 AM Jack Ma, head of Chinese e-commerce giant Alibaba. Chinese regulators on Saturday imposed a 18.23 billion yuan ($2.8 billion) fine in an anti-monopoly investigation of Alibaba Group Holding Ltd. The company said in a statement it accepted the penalty and will comply with the regulator's determination. They are also focusing on data privacy and protection, something that the firm is cooperating with the government on. Beijing fined Alibaba a record $2.8 billion after wrapping up a landmark probe into China’s e-commerce leader in just four months, versus the years such investigations take in the U.S. or Europe. AAP. Apart from inquiries into mergers, acquisitions and strategic investments that span the entire internet industry, the company isn’t aware of any other investigations into its business by the State Administration for Market Regulation, executives told analysts on a conference call Monday. After the Ant IPO was suspended, Ma dropped out of the spotlight, fueling speculation over his whereabouts. Alibaba said it fully cooperated with the investigation, conducted a self-assessment and already implemented improvements to its internal systems. Vehicles travel past the Alibaba Group Holdings Ltd. headquarters in Hangzhou, China, on Wednesday, March 24, 2021. The 18.2 billion yuan penalty was based on just 4% of the internet giant’s 2019 domestic revenue, regulators said. Alibaba shares plunged by 17pc in New York on Thursday, sending the company's market value down by some $100bn. The probe's … China's State Administration for Market Regulation (SAMR) made the … Beijing, Apr 10 (EFE).- Chinese regulators have slapped a record fine of 18 billion yuan ($2.75 billion) on Alibaba in an anti-monopoly probe against the e-commerce giant. We want to hear from you. China launches Alibaba anti-monopoly probe. In a Saturday statement, China's State Administration for Market Regulation (SAMR) said this policy stifles competition in China's online retail market and "infringes on the businesses of merchants on the platforms and the legitimate rights and interests of consumers," according to a CNBC translation of a Chinese-language statement. Chastened by having its spinoff-IPO of financial arm Ant Group blocked at the last minute by regulatory action, and the formal monopoly probe, Alibaba has tried to fall into line. Chairman of Alibaba Group Jack Ma whose company is facing an anti-monopoly probe 0 comment Chinese regulators have announced an anti-monopoly investigation of e-commerce giant Alibaba Group, stepping up official efforts to tighten control over the country’s fast-growing tech industries. Ma appeared to come under fire for comments that were critical of China's financial regulator, saying the country's financial system was "the legacy of the Industrial Age.". Alibaba and China Literature were each fined 500,000 yuan ($76,464), the maximum under a 2008 anti-monopoly law, reported Reuters. The front of Alibaba's Wangjing office in Beijing on Dec. 24, 2020. Alibaba Group Holding Ltd. said that it’s unaware of any other probes by China’s antitrust regulator after the e-commerce giant was slapped with a record fine for its business practices. (Bloomberg) --China slapped a record $2.8 billion fine on Alibaba Group Holding Ltd. after an anti-monopoly probe found it abused its market dominance, as Beijing clamps down on its internet giants. The investigation's main focus was a practice that forces merchants to choose one of two platforms, rather than being able to work with both. Alibaba shares plunge about 8% amid pressure from Chinese regulators, Europe could be seeing the decline of its gig economy. Alibaba on Monday said it doesn’t rely on exclusivity to retain merchants and doesn’t expect “material negative impact” from changes to such arrangements. By David Stanway and Scott Murdoch SHANGHAI/HONG KONG (Reuters) -China slapped a record 18 billion yuan ($2.75 billion) fine on Alibaba Group Holding Ltd on Saturday, after an anti-monopoly probe found the e-commerce giant had abused its dominant market position for several years. The company added it will hold a conference call on Monday at 8 a.m. Hong Kong time to discuss the fine. Got a confidential news tip? The 18.2 billion yuan penalty is triple the previous high of almost $1 billion that U.S. chipmaker Qualcomm Inc. had to pay in 2015, and was based on 4% […] China Fines Alibaba Record $2.8 Billion After Monopoly Probe (Bloomberg) -- China slapped a record $2.8 billion fine on Alibaba Group Holding Ltd. after an anti-monopoly probe found it … And new rules could mean higher prices, Investing in China tech stocks is partly a bet on Beijing's regulatory attitude, says NYU's Damodaran, In a quest to rein in its tech giants, China turns to data protection, China's crackdown on its technology companies. Chinese authorities have begun an anti-monopoly investigation into Alibaba, the country’s second largest private sector company. This puts it on track to be among the … China steps up pressure on Alibaba with anti-monopoly probe By JOE McDONALD December 24, 2020 BEIJING (AP) — Chinese regulators on Thursday announced an anti-monopoly investigation of e-commerce giant Alibaba Group, stepping up the ruling Communist Party’s efforts to control fast-growing tech industries. The company said in a statement it accepted the penalty and will comply with the SAMR's determination. Have a confidential tip for our reporters? In addition to the fine, which amounts to about 4% of the company's 2019 revenue, regulators said Alibaba will have to file self-examination and compliance reports to the SAMR for three years. Chinese tech giant Alibaba is being investigated by regulators over monopolistic practices. China imposed a fine of 18.2 billion yuan ($2.8 billion) on Alibaba Group after an anti-monopoly probe, part of a regulatory crackdown that has raised concerns about the … China Targets Jack Ma’s Alibaba Empire in Monopoly Probe. Jack Ma has hit a record again. Chinese regulators have accused the firm of violating antitrust regulations and abusing its market position. Record Alibaba Fine Shows China’s Big Tech Can’t Fight Back. China slapped a record $2.8 billion fine on Alibaba Group Holding Ltd. after an anti-monopoly probe found it abused its market dominance, as Beijing clamps down on its internet giants. China kicked off an investigation into alleged monopolistic practices at Alibaba Group Holding Ltd. and summoned affiliate Ant Group Co. to a high-level meeting over financial regulations, escalating scrutiny over the twin pillars of billionaire Jack Ma’s internet empire. Following the probe into the e-commerce platform, regulators will now be keen to look at other areas where unfair competition may exist, Tsai said. 1. Ant's highly anticipated initial public offering was abruptly suspended in November shortly after Chinese regulators published new draft rules on online micro-lending, a key part of the company's business. The fine, about 4% of Alibaba’s 2019 China revenues, comes amid a […] By. Alibaba Group Holding Ltd. said that it’s unaware of any other probes by China’s antitrust regulator after the e-commerce giant was slapped with a record fine for its business practices. While that’s triple the previous high of almost $1 billion that U.S. chipmaker Qualcomm Inc. handed over in 2015, it’s far less than the maximum 10% allowed under Chinese law. For Alibaba, the fine was less severe than many feared and helps lift a cloud of uncertainty hanging over founder Jack Ma’s internet empire. Chinese regulators have launched an anti-monopoly probe against ecommerce giant Alibaba. The impact of the fine will be reflected in the company’s earnings for the March quarter. "Alibaba would not have achieved our growth without sound government regulation and service, and the critical oversight, tolerance and support from all of our constituencies have been crucial to our development," the company said. The China Securities Regulatory Commission also summoned Ma and other Ant execs ahead of that announcement. Lulu Yilun Chen; Coco Liu; Bookmark. Only a small number of flagship stores had been under exclusive arrangements previously, but businesses today are operating on multiple platforms, Chief Executive Officer Daniel Zhang said. China Fines Alibaba Group $2.8 Billion in Monopoly Probe. Regulators have been increasingly concerned about the power of China's tech giants, particularly those who operate in the financial sector. admin@englishnewsroom.com - April 12, 2021. The announcement is the latest development in China's crackdown on its technology companies. Chinese regulators hit Alibaba with a 18.23 billion yuan ($2.8 billion) fine in its anti-monopoly investigation of the tech giant, saying it abused its market dominance. Before it's here, it's on the Bloomberg Terminal. Much of that heightened scrutiny has sharpened around the business empire of billionaire Jack Ma, who founded both Alibaba and Ant Group. China steps up pressure on Alibaba with anti-monopoly probe. Chinese regulators hit Alibaba with a 18.23 billion yuan ($2.8 billion) fine in its anti-monopoly investigation of the tech giant, saying it abused its market dominance. That sent a clear message to the country’s largest corporations and their leaders that anti-competitive behavior will have consequences. Executives said experienced this scrutiny and We ’ re happy to get this delivered to your,. To discuss the fine Europe could be seeing the decline of its economy. 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