Chinese regulators begin anti-monopoly probe against Alibaba

 

The State Administration for Market Regulation, China, posted a short statement on its website saying that it has begun an anti-monopoly probe against Alibaba. One of the main issues being investigated is Alibaba’s “choosing one from two policy. TechCrunch says that this policy prevents merchants from selling on rival websites like JD and Pinduoduo. Merchants can sell only on the Alibaba website.

 

In November, the regulator had introduced new laws to curb companies’ data collections and a few other rules, to protect consumer interests.

 

South China Morning Post has reported that the regulator has summoned a number of tech giants on Tuesday to discuss nine rules. The companies include Alibaba, JD, Tencent, Didi Chuxing, Meituan and Pinduoduo.

 

The regulator was supposed to have said that these companies would be “strictly prohibited to sell products below cost with the purpose of squeezing out competitors or seeking monopoly positions.”

 

A while ago, the Wall Street Journal had reported that Chinese regulators had prevented a $34 billion IPO of Ant Group, founded by Alibaba’s Jack Ma and owner of Alipay, a popular digital payment service.

 

Bloomberg Businessweek  discussed the  crisis mode in Jack Ma’s companies including the fact that top executives are now part of a task force whose daily duties are to deal with watchdogs.

 

Alibaba is not the only tech giant to face anti-trust and anti-monopoly charges. In the past few weeks Google and Facebook have also faced anti-trust charges from the Federal Trade Commission.

 

Source

Photo


Follow us on Google news for more updates and News










PLEASE READ THE IMPORTANT DISCLOSURES BELOW.

This content is being provided to you for informational purposes only. The content has been prepared by third parties not affiliated with CWEB Inc, a business. This content and any information contained therein, does not constitute a recommendation by CWEB to buy, sell or hold any security, financial product or instrument referenced in the content. This information neither is, nor should be construed as an offer, or a solicitation of an offer, to buy or sell securities by CWEB Inc. CWEB Inc. does not offer or provide any opinion regarding the nature, potential, value, suitability or profitability of any particular investment or investment strategy, and you shall be fully responsible for any investment decisions you make, and such decisions will be based solely on your evaluation of your financial circumstances, investment objectives, risk tolerance, and liquidity needs.

Unless stated otherwise, the web content provided by the CWEB family of companies is for educational purposes only. The information and tools provided neither are, nor should be construed, as an offer, or a solicitation of an offer, to buy or sell securities by CWEB Inc. or its affiliates. Unless stated otherwise, no information presented constitutes a recommendation by CWEB Inc. or its affiliates to buy, sell or hold any security, financial product or instrument discussed therein or to engage in any specific investment strategy.

Full Disclaimer

Leave a Reply

This site uses Akismet to reduce spam. Learn how your comment data is processed.