hit tracker
prime news list

all information about tech and other

Chinese regulators have registered Alibaba for $ 2.8 million

Chinese regulators have registered Alibaba for $ 2.8 million


Chinese regulators have imposed a fine of Rmb18.2 billion ($ 2.8 million) on Alibaba after it saw that the e-commerce group had abused its dominance in the market.

The fine, which was set at 4% of Alibaba’s 2019 revenue, has ended the investigation into the company’s monopoly. Jack Ma. The Chinese authorities have stepped up their scrutiny of anti-bargaining and anti-competitive practices in a lightly regulated technology sector.

The market regulator said that since 2015 Alibaba has forced traders to only sell on Tmall and Taobao online shopping platforms.

Alibaba used its “market position, platform rules and data and algorithmic methods” to impose rewards and penalties for the “choose one of the two” policy, the regulator said.

In November, Chinese authorities last minute canceled a $ 37 billion initial public offering from Ma’s Ant Group, Alibaba’s payments and sister company.

Previously, the country’s regulatory competition was mainly focused on traditional domestic industries and foreign companies. He imposed an hourly fine $ 975 million in 2015 US chip design team Qualcomm

But last November, regulators anti-competitive measures To cover online platforms that have become the most valuable Chinese company.

The State Administration of Market Regulation ordered Alibaba to make a “comprehensive correction” on its platform to strengthen legal controls and compliance.

In response to the penalty, Alibaba he said “sincerely accepted [it]”.

In a message posted on the official Weibo microblogging account, Alibaba said, “We will strengthen our business operations in accordance with the law, improve the configuration of our compliance systems… And better fulfill our social responsibilities.”

The Communist Party’s People’s Daily newspaper said the sanctions “reflect the basic requirements for governing the country by law, and are basic and reasonable.”

The Chinese antitrust lawyer, who asked for anonymity, said the fine was to teach Alibaba “don’t think you can do what you want”. [would] not to do material damage to the business ”.

He noted that the penalty was not as high as it could have been and was limited to Alibaba’s e-commerce operations, rather than other operations across the industry.

In recent years, Alibaba has bought from supermarket chains to home supply stores, accounting for about one-fifth of all Chinese retail sales.



Source link

admin

Leave a Reply

Your email address will not be published. Required fields are marked *