Apr 12, 2021
Alibaba accepts record China fine and vows to change
Alibaba Group's executive vice chairman Joe Tsai indicated that regulators have taken an interest in platforms like Alibaba as they grow in importance. The company added that it was not aware of any further anti-monopoly investigations by Chinese regulators, though it signalled that Alibaba and its competitors would remain under review in China over mergers and acquisitions. The penalty is the latest in a chain of events targeting the company that kicked off last October, after its co-founder Jack Ma criticised regulators, suggesting they were stifling innovation. Shortly after the speech, Chinese regulators scuppered the share market launch of Ant Group, which is Alibaba's sister company and China's biggest electronic payments provider. Alibaba isn't the only Chinese company to come under scrutiny by China's increasingly assertive regulators.
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