Wednesday, June 7, 2023

China Hit Jack Ma’s Alibaba With Record $2.75 Billion Antitrust Fine

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Chinese regulators said on Saturday they have fined Alibaba Group Holding Ltd a domestic record $2.75 billion for antitrust violations, amid an unprecedented regulatory crackdown on Jack Ma’s company and other technology conglomerates.

Liu Xu, a researcher at the national Strategy Institute, Tsinghua University noted that

“The $2.75 billion fine bill is not as big as we think – it’s almost a symbolic fine for Alibaba… The implications for the rest of China’s internet platforms are limited…

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“A true enhancement of China’s antitrust efforts will depend on persistent determination from the central government and a more transparent, fair mechanism to help the antitrust forces to get rid of various kinds of interference during their investigations and enforcement.”

Photo Credit: Getty

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