The Alibaba Group, the world's biggest e-commerce company, was fined €2.3 billion by Chinese regulators on Saturday for anti-competitive tactics. The world's biggest online retailer - China's Alibaba - has been hit with a record fine equivalent to $2.75bn (just over £2bn). China fines Alibaba record $2.75 billion for anti-monopoly violations Airlines pull some Boeing 737 MAX jets after production snag Madrid residents … The fine is 4% of Alibaba's total 2019 sales in China — which was 456 billion yuan, or over $69 billion. Chicago Mercantile Association: Certain market data is the property of Chicago Mercantile Exchange Inc. and its licensors. In October, Alibaba co-founder and former CEO Jack Ma also made controversial comments during a business conference in Shanghai, publicly taking issue with China's financial system. Here Are Some Clues Why. Alibaba is expected to further respond to the government's imposed fine during a scheduled conference call set for Monday morning Hong Kong time. In November, Alibaba's affiliate, Ant Group, was unable to jumpstart a seismic initial public stock offering, forecasted to raise $37 billion. China’s State Administration for Market Regulation (SAMR) fined Alibaba 18 billion yuan, or approximately 4 percent of the company’s 2019 revenues Friday, after a months-long investigation.This fine, the largest in the history of Chinese antitrust law, follows the unexpected interruption of Ant Group’s IPO in November. China imposed a record $2.8 billion antitrust fine vs. Alibaba. 10, 2021 12:01 PM ET Alibaba Group Holding Limited (BABA) By: Gaurav Batavia , SA News Editor 254 Comments The fine is 4% of Alibaba's total 2019 sales in China — which was 456 billion yuan, or over $69 billion. All times are ET. stopped by financial regulators in Shanghai and Hong Kong, Alibaba Founder Jack Ma Has Fallen Off The Radar. 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The process was stopped by financial regulators in Shanghai and Hong Kong just two days before the IPO was expected to list. By Mark Thompson and Pauline Lockwood, CNN Business. Alibaba is one of the most influential tech giants in China and the world. Last month, Ma has kept a very low profile since Ant Group, Alibaba's financial affiliate, was forced to shelve, "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. He also went on to criticize the country's state banks, comparing them to "pawnshops.". Chinese finance basically does not carry risk; rather, the risk comes from lacking a system," he said. Following his comments, Ma did not appear in public again until late January when he spoke via video at an event for rural teachers in China. Key Points 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. China Fines Alibaba $2.8 Billion in Landmark Antitrust Case The penalty is the biggest move to date in China’s campaign to tighten supervision of its internet Goliaths. The U.S.-listed shares of Alibaba Group Holdings Ltd. surged nearly 6% in premarket trading Monday, after the e-commerce giant was fined a record $2.8 billion by China’s antitrust regulator. London/Hong Kong (CNN Business)China has ordered Alibaba to pay a record fine of 18.2 billion yuan ($2.8 billion) after antitrust regulators concluded that the online shopping giant had been behaving like a monopoly. Most stock quote data provided by BATS. China fines Alibaba record $2.75bn for anti-monopoly violations. All content of the Dow Jones branded indices Copyright S&P Dow Jones Indices LLC 2018 and/or its affiliates. SHANGHAI -- Chinese authorities on Saturday decided to fine Alibaba Group 18.2 billion yuan ($2.77 billion). China Fines Alibaba $2.8 Billion in Landmark Antitrust Case The penalty is Beijing’s toughest action to date in its campaign to tighten supervision of the country’s internet Goliaths. "Tencent has had meetings with regulators on a regular basis, and this was a regular meeting," it said. Alibaba stock experienced something of a relief rally on Monday, after a record $2.8 billion fine by Chinese regulators. "It is not lost on us that today's society has new expectations for platform companies, as we must assume more responsibilities as part of the nation's economic and social development.". ", "The penalty issued today served to alert and catalyze companies like ours," the release said. Factset: FactSet Research Systems Inc.2018. The record 18.2 billion yuan fine was equal to 4 per cent of Alibaba’s 2019 revenue but shy of the 10 per cent maximum under China’s antitrust law All rights reserved. China fines Alibaba record $2.75B for anti-monopoly violations Apr. Standard & Poor's and S&P are registered trademarks of Standard & Poor's Financial Services LLC and Dow Jones is a registered trademark of Dow Jones Trademark Holdings LLC. In a press release issued Saturday, Alibaba said it would accept the fine and “ensure its compliance with determination.” “The penalty issued today served to alert and catalyze companies like ours,” the release said. (Photo: Reuters/Thomas Peter) The authorities say Alibaba broke the country's antitrust laws as … China fines Alibaba record $2.75 billion for anti-monopoly violations In late December, China's State Administration for Market Regulation (SAMR) announced it launched an antitrust probe into the company. Other tech companies could be next in the firing line. "The penalty issued today served to alert and catalyze companies like ours," the release said. Regulators in China … "It reflects the regulators' thoughtful and normative expectations toward our industry's development. ", In a statement Saturday, China's State Administration for Market Supervision described the company's behaviors as having "eliminated and restricted competition in the online retail platform service market" as well as having "infringed on the business of the merchants on the platform.". The fine imposed on Alibaba is more than double the $975 million paid in China by Qualcomm, the world's biggest supplier of mobile phone chips, in 2015 for anticompetitive practices. Chinese regulators hit e-commerce giant Alibaba with a record 18.2 billion yuan ($2.78 billion) fine on Saturday over practices deemed to be an abuse of the company's dominant market position. For this, we are full of gratitude and respect," it added. The fine comes after months of complications for Alibaba. Beijing has long been concerned that the influence tech firms have over the financial sector makes that industry vulnerable — Ant, for example, now commands more than half of the mobile payments market in China — and officials have been looking for ways to rein them in. Tencent has always and will continue to conduct our operations in compliance with relevant laws and regulations.". That came after authorities halted a planned $37 billion IPO from Ant Group, Alibaba's internet finance arm. The fine is 4% of Alibaba's total 2019 sales in China — which was 456 billion yuan, or over $69 billion. 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. China fines Alibaba record US$2.75 billion for anti-monopoly violations FILE PHOTO: The logo of Alibaba Group is seen at its office in Beijing, China on Jan 5, 2021. It is an important action to safeguard fair market competition and quality development of Internet platform economies.". The fine stems from an anti-monopoly investigation of China's Alibaba Group Holding, known as the world's largest e-commerce company and owner of the South China … The company was under investigation by the Chinese government since December for "suspected monopolistic conduct. China has ordered Alibaba to pay a record fine of 18.2 billion yuan ($2.8 billion) after antitrust regulators concluded that the online shopping giant had been behaving like a monopoly. Beijing has been tightening the screws on China's national tech champions in recent months, part of a regulatory crackdown that President Xi Jinping has described as one of the country's top priorities for 2021. China fines Alibaba record $2.75 billion for anti-monopoly violations. All rights reserved. "China does not have a systemic financial risk problem. Now it may become just a boring bank, what would have been the world's biggest IPO, $15 billion of Tencent stock sold in one trade. "We discussed a broad range of topics, mainly focused on fostering innovation and creating a healthy environment for industry evolution. Dow Jones: The Dow Jones branded indices are proprietary to and are calculated, distributed and marketed by DJI Opco, a subsidiary of S&P Dow Jones Indices LLC and have been licensed for use to S&P Opco, LLC and CNN. The fine, about 4% of Alibaba’s 2019 China revenues, comes amid a […] The Chinese government says it is issuing a $2.8 billion fine on the e-commerce company Alibaba Group for violating its anti-monopoly regulations. Market indices are shown in real time, except for the DJIA, which is delayed by two minutes. In a press release issued Saturday, Alibaba said it would accept the fine and "ensure its compliance with determination. The fine is 4% of Alibaba’s total 2019 sales in China — which was 456 billion yuan, or over $69 billion. Morningstar: Copyright 2018 Morningstar, Inc. All Rights Reserved. Chinese state media reported Saturday that the State Administration for Market Regulation had imposed the penalty following an antitrust investigation into, The fine is equivalent to 4% of Alibaba's sales in China in 2019, state news agency Xinhua reported, and dwarfs the previous. Is the bad news priced in to BABA stock, as well as rivals JD.com, Tencent and Pinduoduo? (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 … Disclaimer. In a press release issued Saturday, Alibaba said it would accept the fine and "ensure its compliance with determination." 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