HomeNewsGeneral NewsChinese Regulators to Probe Alibaba for Monopolistic Trade Practices

Chinese Regulators to Probe Alibaba for Monopolistic Trade Practices

Share prices of the e-commence & fintech giant Alibaba went down 6% at the Hong Kong Stock Market, after the Chinese government initiated a probe against the group for suspected monopolistic trade practices. Chinese regulators are planning to summon Alibaba’s affiliate Ant Group over the next few days to further investigate into this matter.

This follows the government order to suspend a $37 billion IPO slated for last month and is a further blow to billionaire Jack Ma’s e-commerce enterprise. There had been earlier warnings to the Alibaba from Chinese regulators regarding a particular “choosing one from two” practice which called for merchants to enter into exclusive agreements with Alibaba and prohibited them from offering the same products on rival platforms.

Following the developments, Ant Group issued a statement saying that the company had received a notice from the regulators and was willing to comply with all the norms. Alibaba, meanwhile, refused to provide any comments, said Reuters.

In recent times, Chinese regulators have grown increasingly uncomfortable with Ant Group’s expanding market share, with the credit business contributing almost 40% of its revenues overall.

According to the PTI the State Administration for Market Regulation will seek to guide Ant Group to implement financial supervision fair competition and protect the legitimate rights and interests of the consumers.


Connect with

Please enter your comment!
Please enter your name here

Previous articleBoxing Day
Next articlePearls – 27 Dec 2020

Must Read

take away from this year

What’s your take away from this year?

Lessons in life will be repeated until they are learnedFrank Sonnenberg Researchers from Columbia University reviewed numerous studies and found that students learned the most...
Giroud Bible Believer

Pearls – Dec 16, 2022

Hard Work Beats Talent When Talent Doesn't Work Hard" - Tim Notke

Pearls – Dec 15, 2022

As I always say - you have no feelings when you are on the pitch. You are there to play, to give the best for your team.

Pearls – Dec 14, 2022

Say more with your feet than you ever could with words

Pearls – Dec 13, 2022

“In football as in watch making, talent and elegance mean nothing without rigor and precision”. – Lionel Messi

Pearls – Dec 12, 2022

“Success is no accident. It is hard work, perseverance, learning, studying, sacrifice and most of all, love of what you are doing or learning to do.” – Pele

Pearls – Dec 11, 2022

“You may loose battles, you may even loose wars, but you are really defeated and utterly annihilated if you loose faith and hope” ― Bangambiki Habyarimana

Pearls – Dec 10, 2022

Pearls – Dec 9, 2022