Alibaba’s antitrust review comes to a close after 3 years of government scrutiny

Quick Summary:

The State Administration for Market Regulation praised Alibaba for its compliance with the antitrust authority, giving the firm full recognition.

In April 2021, the regulator slapped a record penalty of 18.2 billion yuan on one of the world’s largest e-commerce companies – equal to 4 per cent of Alibaba’s 2019 revenue – after a months-long anti-monopoly investigation that started at the end of 2020.“In the next step, the State Administration for Market Regulation will guide Alibaba Group to continue to standardise its operations, further improve compliance quality and efficiency, accelerate innovation-driven development, and continuously improve service levels, providing solid guarantees for building a world-class company and enhancing international competitiveness,” the SAMR said.

It added that the “rectification work” at Alibaba has achieved good results.

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Article Details

Author / Journalist: Ann Cao

Category: Business

Markets: Hong KongChinaMali

Topics: Holding China’s 2021 Alibaba Billion Review Group Antitrust E-commerce Market Regulator

Source Website Secure: Yes (HTTPS)

News Sentiment: Neutral

Fact Checked: Legitimate

Article Type: News Report

Published On: 2024-08-30 @ 16:48:41 (2 days ago)

News Timezone: GMT +8:00

News Source URL: scmp.com

Language: English

Article Length: 247 words

Reading Time: 2 minutes read

Sentences: 29 lines

Sentence Length: 9 words per sentence (average)

Platforms: Desktop Web, Mobile Web, iOS App, Android App

Copyright Owner: © SCMP

News ID: 22306294

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