China’s e-commerce titan Alibaba hit with antitrust probe

The top Chinese Watchdog is doing an investigation on Alibaba. It is investigating the company’s anti-monopoly law.

Alibaba hit with antitrust investigation
https://www.flickr.com/photos/nnieuws/

Chinese top watchdog has begun an investigation into Alibaba over different anti-competition practices at the e-commerce firm, the latest of Beijing’s efforts to curb the country’s Internet titans.

The State Administration for the Market Regulation stated on Thursday that it is doing an investigation on Alibaba. It is the “choosing one from two” policy, in which the merchants are selling on Alibaba and skipping the rivaling platforms, like Pinduoduo and JD.com.

Alibaba said in a statement, “Today, Alibaba has obtained a notification from the State Administration. In it, it stated that an investigation is going on into the Company’s Anti-monopoly law. Alibaba plans to cooperate with the regulators.”
Previously, the company’s shares tumbled over 8% on the Hong Kong Stock Exchange on Thursday. The company has been quite active as it recently decided to invest in Africa.

Jack Ma, Alibaba founder
https://www.flickr.com/photos/asiasociety/

Recently, the state-backed Xinhua reported that Ant Group, Alibaba’s affiliate, has been summoned to discuss its “compliance” work. Ant operates Alipay e-wallet and works as an intermediary for the customers. It is taking steps to curb the debt risks after the authorities called off the initial public offering last month.

Previously, the firm said in a statement, “Just today, the Ant Group has received a complete notice from the regulators. We will follow and comply with all the regulatory requirements. We will also do our full efforts to do all the related work.”

Some people are saying that this clampdown has come after a long time for China’s internet giants. Moreover, they are growing under a loose regulatory environment. The Alibaba case is a “big step” into China’s anti-monopolistic regulations on the internet industry, according to an opinion piece published in the newspaper of China’s ruling Communist Party. The newspaper piece also said that the probe into Alibaba is quite helpful. Moreover, it will restore orders and promote the healthy and long-term development of the platform economy.”

Have a tip we should know? tips@rhd.news

Most Read

  1. TECHNOLOGY
    Bank of America plans to bring VR to its 4,000 Banks
    6 hours ago
  2. TECHNOLOGY
    Twitter tests new ecommerce features for Tweets
    6 hours ago
  3. coronavirus
    San Diego Zoo Vaccinates Nine Great Apes against COVID-19
    6 hours ago
  4. Middle East
    Pope Francis To Begin Historic Iraq Visit Despite Virus And Security risks
    9 hours ago
  5. Politics
    US Senate Takes Up Massive Coronavirus Relief Pacakage
    11 hours ago
  6. WORLD
    Beijing Set To Overhaul Hong Kong Electoral System
    11 hours ago
  7. Crime
    Chief Justice India Faces Pressure to Quit For Rape Remarks
    1 day ago

Follow @rushhourdaily: