{"id":120657,"date":"2021-04-10T05:18:50","date_gmt":"2021-04-10T05:18:50","guid":{"rendered":"https:\/\/precoinnews.com\/?p=120657"},"modified":"2021-04-10T05:18:50","modified_gmt":"2021-04-10T05:18:50","slug":"china-fines-alibaba-record-2-75-billion-for-anti-monopoly-violations","status":"publish","type":"post","link":"https:\/\/precoinnews.com\/markets\/china-fines-alibaba-record-2-75-billion-for-anti-monopoly-violations\/","title":{"rendered":"China fines Alibaba record $2.75 billion for anti-monopoly violations"},"content":{"rendered":"

SHANGHAI\/HONG KONG (Reuters) – Chinese regulators have fined Alibaba Group Holding Ltd 18 billion yuan ($2.75 billion) for violating anti-monopoly rules and abusing its dominant market position, marking the highest ever antitrust fine to be imposed in the country.<\/p>

FILE PHOTO: The logo of Alibaba Group is seen at its office in Beijing, China January 5, 2021. REUTERS\/Thomas Peter\/File Photo\/File Photo<\/figcaption>

The penalty, equivalent to around 4% of Alibaba\u2019s 2019 revenues, comes amid an unprecedented regulatory crackdown on home-grown technology conglomerates in the past few months that have weighed on company shares.<\/p>\n

Alibaba\u2019s billionaire founder Jack Ma\u2019s business empire has been particularly put under intense scrutiny after his stinging criticism of China\u2019s regulatory system in late October.<\/p>\n

In late December, China\u2019s 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\u2019s internet finance arm.<\/p>\n

While the fine brings Alibaba a step closer to resolving its antitrust woes, Ant still needs to agree to a regulatory-driven revamp that is expected to sharply cut its valuations and rein in some of its freewheeling businesses.<\/p>\n

\u201cThis penalty will be viewed as a closure to the anti-monopoly case for now by the market. It\u2019s indeed the highest profile anti-monopoly case in China,\u201d said Hong Hao, head of research BOCOM International in Hong Kong.<\/p>\n

\u201cThe market has been anticipating some sort of penalty for some time … but people need to pay attention to the measures beyond the anti-monopoly investigation.\u201d<\/p>\n

SAMR said on Saturday that it had determined that Alibaba had been \u201cabusing market dominance\u201d since 2015 by preventing its merchants from using other online e-commerce platforms.<\/p>\n

It said the practice violates China\u2019s anti-monopoly law by hindering the free circulation of goods and infringing on the business interests of merchants.<\/p>\n

Related Coverage<\/p>\n<\/p>\n

The SAMR ordered Alibaba to make \u201cthorough rectifications\u201d to strengthen internal compliance and protect consumer rights.<\/p>\n

Alibaba said in a statement posted on its official Weibo account that it \u201caccepted\u201d the decision and would resolutely implement SAMR\u2019s rulings.<\/p>\n

It said it would also work to improve corporate compliance.<\/p>\n

The Chinese e-commerce giant said it will hold a conference call on Monday to discuss the penalty decision.<\/p>\n

\u2018FINE BILL IS A MILESTONE\u2019<\/p>\n

Alibaba had come under fire in the past from rivals and sellers for allegedly forbidding its merchants from listing on other e-commerce platforms.<\/p>\n

The practice of preventing merchants from listing on rival platforms is a long-standing one, and the regulator spelled out in rules issued in February that it was illegal.<\/p>\n

\u201cThe fine bill is a milestone and road sign with great importance,\u201d Shi Jianzhong, antitrust consultant committee member of the State Council and professor of China University of Political Science and Law, wrote in state-backed Economic Times.<\/p>\n

\u201cIt indicates that the antitrust law enforcement on internet platforms has entered a new era, and released clear policy signal.\u201d<\/p>\n

Beijing has vowed to strengthen oversight of its big tech firms, which rank among the world\u2019s largest and most valuable, citing concerns that they have built market power that stifles competition, misused consumer data and violated consumer rights.<\/p>\n

Besides Ma\u2019s Alibaba, regulators have also been targeting other internet behemoths.<\/p>\n

Although Ma has stepped down from corporate positions and earnings calls, he retains significant influence over Alibaba and Ant, and has promoted them globally at business and political events.<\/p>\n

Ma, who commands a cult-like reverence in China, had briefly disappeared from public view since Oct. 24, when he blasted China\u2019s regulatory system in a speech at a Shanghai forum. He reappeared in January.<\/p>\n

($1 = 6.5522 yuan)<\/p>\n

Source: Read Full Article<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

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