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Chinese e-commerce company Alibaba fined the largest in the country's history

Sunday, April 11, 2021

Chinese e-commerce company Alibaba fined the largest in the country's history

Chinese e-commerce company Alibaba fined the largest in the country's history

  • Chinese regulators have imposed the largest fine in the country's history on online e-commerce company Alibaba Group.


  • According to foreign media, Chinese regulators have imposed a fine of 18 billion yuan on Alibaba Group for misusing its market position and violating business rules.


  • According to media reports, the fine imposed on Alibaba is the highest ever imposed on any company in the history of China.


  • According to media reports, the fine imposed on Alibaba will be about 4% of its revenue in 2019, which is the worst crackdown on a company in its history in the history of China, which has no precedent in the past.


  • According to Idea reports, Alibaba founder Jack Ma had sharply criticized China's regulatory system last year, after which Alibaba's business has been under scrutiny.


  • A statement issued by the Chinese Regulatory Authority said that an investigation, launched in December last year, found that Alibaba had been violating the market's reputation since 2015.


  • A statement from Alibaba said, "We recognize the decision of the regulators and will fully implement it."


Author

OTG Newz