Chinese authorities have imposed a $ 2.8 billion fine on Alibaba after completing an investigation into alleged mistrust. State Administration for Market Regulation initiated an investigation in e-commerce marketing “thinks to do it alone” in December, in particular its principles that force retailers to sell on their own platforms and prevent them from selling on the anti-e-commerce page. In release shipped On the website, its research has confirmed that the law has eliminated and banned competition in the country and restricted online marketing skills.
As a result, the company’s supervisor paid the company in accordance with Chinese antimonopoly laws, ordered it to suspend its illegal activities and to pay a fine equal to 4% of its domestic sales in the country. As New York Times fine, $ 2.8 billion does not put Alibaba’s money at risk, but exceeds $ 975 million in interest on Chinese government forced on Qualcomm back in 2015 for violating antimonopoly law. In a message sent to NOW, Alibaba said it had accepted the sanctions and would have made sure it “performed its duties in public.”
China began to focus on tech giants last year, with lawmakers proposing antimonopoly legislation to add laws specifically to them. Jack Ma’s companies, in particular, appear to have become a target in their home country after calling Chinese banks a “state-owned enterprise” by providing unnecessary loans at a financial summit. Its supervisors also need to form a team to work with the directors on a daily basis.
In addition to the antimonopoly investigation to Alibaba, the Shanghai Stock Exchange closed the IPO set up for Ant Group, the financial aid company it founded, in November. Less than a year later, regulators ordered the company to “go back to where it came from” as funders and close finance, lending, insurance and financial management services they have launched over the years.