China imposed a fine of 18.2 billion yuan ($2.8 billion) on Alibaba Group after an anti-monopoly probe, part of a regulatory crackdown that has raised concerns about the future of Jack Ma’s tech empire.
The penalty is equivalent to 4% of Alibaba’s domestic sales in 2019, China’s State Administration for Market Regulation said in a statement.
Alibaba will also be required to implement “comprehensive rectifications,” including strengthening internal controls, upholding fair competition, protecting businesses on its platform and consumers’ rights, the regulator said. The company will be required to submit reports on self-regulation to the authority for three consecutive years.
.jpg)
No comments:
Post a Comment