The penalty, equivalent to around four percent of Alibaba’s 2019 revenues, comes amid an unprecedented regulatory crackdown on homegrown technology conglomerates in the past 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. That came after authorities scuttled a planned $37 billion IPO from Ant Group, Alibaba’s internet finance arm.
This story is from the April 11, 2021 edition of The Philippine Star.
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This story is from the April 11, 2021 edition of The Philippine Star.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 8,500+ magazines and newspapers.
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