Friday, 24 March, 2023

Alibaba thanks Chinese regulators for imposing record $2.8 bn fine

<p>Alibaba Group thanked the regulators in an open letter after the local authorities imposed a record antitrust fine on the internet giant. China&rsquo;s regulatory wrapped up the probe in four months, compared with years such investigations take in the USA or Europe. The $2.8 bn fine was just 4% of Alibaba&#39;s 2019 domestic revenue, far less than the maximum 10% allowed under Chinese law. Alibaba&rsquo;s shares rose 5.5% in Hong Kong stock exchange on Monday morning.<br /> <br /> <br /> &nbsp;</p>