USA's Securities and Exchange Commission (SEC) has tightened the noose around Chinese tech behemoth Alibaba Group Holding Limited. Reportedly, Alibaba, on Friday, became the latest entrant into the list of Chinese companies that might be delisted by the Commission.&nbsp;

Reportedly, the US regulators have been demanding Alibaba to share its account books, stored in China, with the auditors.&nbsp;

If Alibaba is de-listed from the American market, it could be a major crisis for the company whose shares were&nbsp;down 11 per cent&nbsp;at $89.37, at the closing of the market.

These developments also come in the backdrop of founder Jack Ma, reportedly, looking to cede control of his fintech firm Ant Group Co. Ever since Ma separated Ant's assets from Alibaba more than ten years ago, he has held the reins of the company.

However, if he steps down and the SEC brings down the hammer on the delisting, it could be a double whammy for Alibaba.&nbsp;

Read More:<a href="https://www.wionews.com/world/jack-ma-intends-to-give-up-control-of-the-ant-group-wall-street-journal-501439">&nbsp;Jack Ma intends to give up control of the Ant Group: Wall Street Journal</a>

Why do Chinese companies not share their books?

It is pertinent to note that the Chinese Communist Party (CCP) does not allow Chinese companies to share their account books with overseas audit agencies.&nbsp;

Most Chinese companies have an unsaid fidelity to the CCP. Opening the books might expose the connection and thus Beijing has been overtly protective of the companies.&nbsp;

American regulatory watchdog Public Company Accounting Oversight Board (PCAOB) has the power to audit such companies. However, if the watchdog is not able to access the books for a period of three years, the company stands to be de-listed from the stock market.&nbsp;

Access to books has been a major bone of contention between Washington and Beijing. When Donald Trump was in power and amidst a major trade war with China, he employed the strategy of opening 'books' to pin down China.&nbsp;

Under the Holding Foreign Companies Accountable Act (HFCAA), over 270 Chinese companies are at the verge of being delisted from the US. However, Alibaba's delisting could be the biggest news of the lot.

(With inputs from agencies) 
 
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USA's Securities and Exchange Commission (SEC) has tightened the noose around Chinese tech behemoth Alibaba Group Holding Limited. Reportedly, Alibaba, on Friday, became the latest entrant into the list of Chinese companies that might be delisted by the Commission.

USA's Securities and Exchange Commission (SEC) has tightened the noose around Chinese tech behemoth Alibaba Group Holding Limited. Reportedly, Alibaba, on Friday, became the latest entrant into the list of Chinese companies that might be delisted by the Commission. Reportedly, the US regulators have been demanding Alibaba to share its account books, stored in China, with the auditors. If Alibaba is de-listed from the American market, it could be a major crisis for the company whose shares were down 11 per cent at $89.37, at the closing of the market. These developments also come in the backdrop of founder Jack Ma, reportedly, looking to cede control of his fintech firm Ant Group Co. Ever since Ma separated Ant's assets from Alibaba more than ten years ago, he has held the reins of the company. However, if he steps down and the SEC brings down the hammer on the delisting, it could be a double whammy for Alibaba. Read More: Jack Ma intends to give up control of the Ant Group: Wall Street Journal Why do Chinese companies not share their books? It is pertinent to note that the Chinese Communist Party (CCP) does not allow Chinese companies to share their account books with overseas audit agencies. Most Chinese companies have an unsaid fidelity to the CCP. Opening the books might expose the connection and thus Beijing has been overtly protective of the companies. American regulatory watchdog Public Company Accounting Oversight Board (PCAOB) has the power to audit such companies. However, if the watchdog is not able to access the books for a period of three years, the company stands to be de-listed from the stock market. Access to books has been a major bone of contention between Washington and Beijing. When Donald Trump was in power and amidst a major trade war with China, he employed the strategy of opening 'books' to pin down China. Under the Holding Foreign Companies Accountable Act (HFCAA), over 270 Chinese companies are at the verge of being delisted from the US. However, Alibaba's delisting could be the biggest news of the lot. (With inputs from agencies) WATCH WION LIVE HERE:

Jack Ma owned Alibaba added to the delisting watchlist by SEC

According to reports, Chinese authorities are preparing a system of intricate compliance methods to ensure&nbsp;their companies are&nbsp;not delisted by American regulators.

The Financial Times reported the move will allow US regulators to audit Chinese companies after the US insisted on transparency from Chinese and Hong Kong firms listed in the United States.

<a href="https://www.wionews.com/business-economy/us-asks-chinese-companies-to-comply-or-face-delisting-from-wall-street-461284">Also Read:&nbsp;US asks Chinese companies to comply or face delisting from Wall Street</a>

The report claimed Chinese authorities have decided to divide the US-listed companies into three categories based on the sensitivity of data. The categories include those which contain secret data, companies with sensitive data and others which hold non-sensitive material.

In May, shareholders of Chinese ride-hailing giant Didi Global had voted to delist the company in New York after Chinese authorities had&nbsp;launched cybersecurity investigations against the company. Many Chinese companies listed in the US, including Alibaba, have opted to hold&nbsp;initial public offerings in Hong Kong as American authorities have stepped up scrutiny of Chinese firms.

Watch:&nbsp;US government blacklists Xiaomi and 8 other Chinese companies

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The FT report claimed Chinese officials have discussed plans on whether companies in the sensitive data category could restructure operations to comply with US regulations as Bejing seeks to give US auditors more information on companies listed in the United States.

China has often refused to divulge details on companies citing national security issues. US officials have insisted that Chinese firms should give information about their operations to auditors or risk being delisted with mass delisting on the anvil in 2024 if Chinese firms do not comply.

(With inputs from Agencies)

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According to reports, Chinese authorities are preparing a system of intricate compliance methods to ensure their companies are not delisted by American regulators.

According to reports, Chinese authorities are preparing a system of intricate compliance methods to ensure their companies are not delisted by American regulators. The Financial Times reported the move will allow US regulators to audit Chinese companies after the US insisted on transparency from Chinese and Hong Kong firms listed in the United States. Also Read: US asks Chinese companies to comply or face delisting from Wall Street The report claimed Chinese authorities have decided to divide the US-listed companies into three categories based on the sensitivity of data. The categories include those which contain secret data, companies with sensitive data and others which hold non-sensitive material. In May, shareholders of Chinese ride-hailing giant Didi Global had voted to delist the company in New York after Chinese authorities had launched cybersecurity investigations against the company. Many Chinese companies listed in the US, including Alibaba, have opted to hold initial public offerings in Hong Kong as American authorities have stepped up scrutiny of Chinese firms. Watch: US government blacklists Xiaomi and 8 other Chinese companies The FT report claimed Chinese officials have discussed plans on whether companies in the sensitive data category could restructure operations to comply with US regulations as Bejing seeks to give US auditors more information on companies listed in the United States. China has often refused to divulge details on companies citing national security issues. US officials have insisted that Chinese firms should give information about their operations to auditors or risk being delisted with mass delisting on the anvil in 2024 if Chinese firms do not comply. (With inputs from Agencies) WATCH WION LIVE HERE You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here.

China planning new strategy to avoid US delistings: Report

Chinese ride-hailing company Didi Global is set to be fined more than one billion dollars by the Chinese financial regulators. The Cyberspace Administration of China (CAC) came down heavily upon the cab-sharing service last year, days after it had gone public with its IPO (Initial Public Offering) at the US Stock Exchange.

Chinese ride-hailing company Didi Global is set to be fined more than one billion dollars by the Chinese financial regulators. The Cyberspace Administration of China (CAC) came down heavily upon the cab-sharing service last year, days after it had gone public with its IPO (Initial Public Offering) at the US Stock Exchange. Reportedly, after the fine is unveiled, Didi Global will be allowed to add new users to its platform. When the ban was announced in June 2021, the Communist Party of China (CCP) forced the company to remove its app from the various app stores. According to those privy to the matter, Didi is also expected to file for a fresh share listing but this time in Hong Kong. The company delisted itself from the US Stock Exchange last month. The fine, expected to be around 4 per cent of Didi’s $27.3 billion total sales last year, will bring an end to a probe that was engineered by Xi Jinping as he went after nearly every big tech and internet company in China, including Alibaba and Tencent. Read More: Didi considers giving up data control to appease China: Reports It is reported that one of the major reasons for Xi's paranoia last year was that Didi was listed in the US under the precondition of sharing audit details with the US regulators. Under the CCP, Chinese companies have been restricted by Chinese law to share any kind of information with foreign entities. Such was Xi's purge process that Alibaba founder Jack Ma disappeared from the public eye for several weeks after questioning the Chinese regulators. The Ant IPO was also tanked by Politburo as it sought to teach the tech sector a lesson. In the end, Xi Jinping came on top of it as the tech behemoths quietly accepted the diktat. (With inputs from agencies) WATCH WION LIVE HERE:

Didi Global fined $1 billion by Chinese regulators; Jinping's purge process of tech sector finally complete

The Wall Street Journal has reported that e-commerce giant Alibaba's executives, including Cloud vice president Chen Xuesong were hauled in by Chinese officials over a massive data heist.

Following the release of the report, the company's shares slumped 5.7 per cent at the opening in Hong Kong.

Previously, the personal information of more than 1 billion Chinese residents was hacked in a cyber attack as per&nbsp;the Shanghai police.

Citing cybersecurity researchers, WSJ reported that a dashboard for managing the database was left open on the internet for over a year without a password.

<a href="https://www.wionews.com/world/random-guy-named-ma-gets-detained-alibaba-loses-usd-26-billion-476568">Also read |&nbsp;Random guy named Ma gets detained, Alibaba loses USD 26 billion</a>

Launching an inspection since the theft was discovered, the Shanghai police said that the data was hosted on Alibaba's cloud platform.

If Alibaba indeed was connected to the alleged breach then it would be "at the mercy of Beijing's regulators," according to the chief investment officer at Kaiyuan Capital in Hong Kong, Brock Silvers.

"New business could be impaired until this matter is cleared. Even when it is cleared, there is potential for substantial fines," he said.

After a seller advertised the stolen database in a cybercrime forum, the report added that senior managers from Alibaba and its cloud unit held a virtual meeting on July 1.

Ostensibly for security purposes, China maintains a sprawling nationwide surveillance network that collects huge amounts of data from its citizens.

(With inputs from agencies)

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The Wall Street Journal has reported that e-commerce giant Alibaba's executives, including Cloud vice president Chen Xuesong were hauled in by Chinese officials over a massive data heist.

The Wall Street Journal has reported that e-commerce giant Alibaba's executives, including Cloud vice president Chen Xuesong were hauled in by Chinese officials over a massive data heist. Following the release of the report, the company's shares slumped 5.7 per cent at the opening in Hong Kong. Previously, the personal information of more than 1 billion Chinese residents was hacked in a cyber attack as per the Shanghai police. Citing cybersecurity researchers, WSJ reported that a dashboard for managing the database was left open on the internet for over a year without a password. Also read | Random guy named Ma gets detained, Alibaba loses USD 26 billion Launching an inspection since the theft was discovered, the Shanghai police said that the data was hosted on Alibaba's cloud platform. If Alibaba indeed was connected to the alleged breach then it would be "at the mercy of Beijing's regulators," according to the chief investment officer at Kaiyuan Capital in Hong Kong, Brock Silvers. "New business could be impaired until this matter is cleared. Even when it is cleared, there is potential for substantial fines," he said. After a seller advertised the stolen database in a cybercrime forum, the report added that senior managers from Alibaba and its cloud unit held a virtual meeting on July 1. Ostensibly for security purposes, China maintains a sprawling nationwide surveillance network that collects huge amounts of data from its citizens. (With inputs from agencies) Watch WION's live TV here:

Report says Alibaba's executives hauled in by Chinese officials over data heist

In a case that has cast a rare spotlight on workplace harassment in China, a former employee of Chinese e-commerce giant Alibaba has accused her then-manager of trying to rape her on a business trip last year.

After a second man in the case was sentenced to 18 months in prison for sexual assault, she alleged in a lengthy account posted online this week that there were inconsistencies in a police statement.

Highlighting the struggle and backlash that victims face when coming forward with allegations, the high-profile case kicked off a national discussion last year over workplace sexual harassment.

Instead of taking action against the manager, who has been identified in police statements only by his last name, Wang was fired along with Zhou.

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Criticising the official police account, Zhou said it turned her manager from “someone who objectively has criminal intention, a rapist with actual criminal intentions, into a good boss caring for his drunk female subordinate.”

“And as for me? ... I have become a slut who is falsely accusing the male boss that she was carrying on with,” she continued.

After Zhou reported him to the police, Wang asked another Alibaba employee who was his deputy to talk with her and offered her 600,000 yuan ($90,000) to settle the matter privately.

Saying the actions did not constitute a crime, Wang was detained for 15 days, but prosecutors did not approve an arrest on formal charges.

Elaborating on her post, she told the AP that “He voluntarily cancelled his taxi on the app, carried my stolen ID card, went back to the hotel and added himself to my room, sexually violated me.”

“All these things show that not only did he intentionally try to rape, but also he committed a criminal act,” she added.

Denying all charges against her husband, Wang’s wife wrote that “this entire thing was all voluntary on Zhou’s part, self-directed and self acted, a small essay full of lies to frame and harm Zhang and Wang.”

(With inputs from agencies)

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In a case that has cast a rare spotlight on workplace harassment in China, a former employee of Chinese e-commerce giant Alibaba has accused her then-manager of trying to rape her on a business trip last year.

In a case that has cast a rare spotlight on workplace harassment in China, a former employee of Chinese e-commerce giant Alibaba has accused her then-manager of trying to rape her on a business trip last year. After a second man in the case was sentenced to 18 months in prison for sexual assault, she alleged in a lengthy account posted online this week that there were inconsistencies in a police statement. Highlighting the struggle and backlash that victims face when coming forward with allegations, the high-profile case kicked off a national discussion last year over workplace sexual harassment. Instead of taking action against the manager, who has been identified in police statements only by his last name, Wang was fired along with Zhou. × Criticising the official police account, Zhou said it turned her manager from “someone who objectively has criminal intention, a rapist with actual criminal intentions, into a good boss caring for his drunk female subordinate.” “And as for me? ... I have become a slut who is falsely accusing the male boss that she was carrying on with,” she continued. After Zhou reported him to the police, Wang asked another Alibaba employee who was his deputy to talk with her and offered her 600,000 yuan ($90,000) to settle the matter privately. Saying the actions did not constitute a crime, Wang was detained for 15 days, but prosecutors did not approve an arrest on formal charges. Elaborating on her post, she told the AP that “He voluntarily cancelled his taxi on the app, carried my stolen ID card, went back to the hotel and added himself to my room, sexually violated me.” “All these things show that not only did he intentionally try to rape, but also he committed a criminal act,” she added. Denying all charges against her husband, Wang’s wife wrote that “this entire thing was all voluntary on Zhou’s part, self-directed and self acted, a small essay full of lies to frame and harm Zhang and Wang.” (With inputs from agencies) Watch WION's live TV here:

Ex-boss should be charged with rape, says former Alibaba employee

A Chinese court has sentenced a man to 18 years in jail for sexually assaulting a female employee of Alibaba Group during a work trip.

The court found Zhang Guo, a client of the Chinese e-commerce platform, guilty of intoxicating the woman, whose surname is Zhou, with alcohol and then forcing himself on her during a business dinner in July 2021.

Jinan Huaiyin District People's Court found him "guilty of forcible indecency, sexually assaulting the victim against her will while she was drunk", state media outlet the Global Times reported.

He first committed the crime at a restaurant and again the next day in the woman’s hotel room.

According to reports, the woman was later fired by Alibaba after she made her allegations public.

Guo, who has been in custody for nearly a year, has about eight months left to serve of his sentence.

The verdict is significant considering that the majority of sexual assault cases do not make it to court in China, with the conviction rate being dismal.

Though many expressed sympathies for the victim, there was also equal amount of criticism against her on social media for getting drunk. There was condemnation, too, of the country's office drinking culture and Alibaba's handling of the case.

The woman first made her ordeal public by sharing an 11-page document accounting the incident. She alleged that her manager raped her in a hotel room while she was unconscious after a "drunken night" last summer.

The incident triggered rage on the Chinese social media platform, Weibo, with many demanding action against the Alibaba Group.

The public backlash forced Alibaba to fire her co-worker, while the two executives who failed to act on the allegation also resigned.

A memo was issued saying Alibaba was "staunchly opposed to forced drinking culture".

(With inputs from agencies)

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A Chinese court has sentenced a man to 18 years in jail for sexually assaulting a female employee of Alibaba Group during a work trip. The court found Zhang Guo, a client of the Chinese e-commerce platform, guilty of intoxicating the woman, whose surname is Zhou, with alcohol and then forcing himself on her during a business dinner in July 2021.

A Chinese court has sentenced a man to 18 years in jail for sexually assaulting a female employee of Alibaba Group during a work trip. The court found Zhang Guo, a client of the Chinese e-commerce platform, guilty of intoxicating the woman, whose surname is Zhou, with alcohol and then forcing himself on her during a business dinner in July 2021. Jinan Huaiyin District People's Court found him "guilty of forcible indecency, sexually assaulting the victim against her will while she was drunk", state media outlet the Global Times reported. He first committed the crime at a restaurant and again the next day in the woman’s hotel room. According to reports, the woman was later fired by Alibaba after she made her allegations public. Guo, who has been in custody for nearly a year, has about eight months left to serve of his sentence. The verdict is significant considering that the majority of sexual assault cases do not make it to court in China, with the conviction rate being dismal. Though many expressed sympathies for the victim, there was also equal amount of criticism against her on social media for getting drunk. There was condemnation, too, of the country's office drinking culture and Alibaba's handling of the case. The woman first made her ordeal public by sharing an 11-page document accounting the incident. She alleged that her manager raped her in a hotel room while she was unconscious after a "drunken night" last summer. The incident triggered rage on the Chinese social media platform, Weibo, with many demanding action against the Alibaba Group. The public backlash forced Alibaba to fire her co-worker, while the two executives who failed to act on the allegation also resigned. A memo was issued saying Alibaba was "staunchly opposed to forced drinking culture". (With inputs from agencies) WATCH WION LIVE HERE

Chinese man who sexually assaulted Alibaba employee sentenced to 18 years in jail

From Tesla to Peloton, companies slow hiring as US economy sputters

Sorry Shakespeare, all IS in name. At least USD 26 billion are. Jack Ma, the Chinese e-commerce tycoon may have suffered a tiny hiccup if he checked his net worth on Tuesday. There was a drop in his wealth by USD 26 billion. This was caused due to&nbsp;rapid fall in share prices of Alibaba, Jack Ma's e-commerce behemoth. How? Why? Where? Read on.

Jack Ma has been at the receiving end of Chinese State's crackdown lately. The tech tycoon was also reported to have fallen out of favour with powerful Chinese politicians for some time.

It is perhaps why, when Chinese State broadcaster CCTV reported that 'Ma' was detained, markets shuddered. Alibaba is based in the city of Hangzou in China. The detainment of 'Ma' took place in this very city, reported media.

What followed was a share market bloodbath in which Alibaba lost USD 26 billion of its market value. Investors naturally scrambled to sell their shares fearing 'Ma's arrest spelled doom for the company.

Amid all the crazy frenzy, The Global Times' former Editor-in-Chief Hu Xijin clarified on China's Twitter-like platform Weibo that the person detained was a random guy with the surname 'Ma' and NOT Jack Ma, the tycoon.

The Global Times is a Chinese state-run tabloid. To further calm the frenzy, the tabloid said that the detained Ma was born in 1985 while it's a public knowledge that Jack Ma was born in 1964.

The clarification gave a filip to Alibaba's shares and the company recovered most of the loss by end of the day.

Decode the geostrategy, diplomacy, and ideologies of the world’s unending wars. Catch our special series ‘World at War’ every Saturday at 8:30 PM IST and Sunday at 10:30 PM IST only on WION.

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Sorry Shakespeare, all IS in name. At least USD 26 billion are. Jack Ma, the Chinese e-commerce tycoon may have suffered a tiny hiccup if he checked his net worth on Tuesday.

Sorry Shakespeare, all IS in name. At least USD 26 billion are. Jack Ma, the Chinese e-commerce tycoon may have suffered a tiny hiccup if he checked his net worth on Tuesday. There was a drop in his wealth by USD 26 billion. This was caused due to rapid fall in share prices of Alibaba, Jack Ma's e-commerce behemoth. How? Why? Where? Read on. Jack Ma has been at the receiving end of Chinese State's crackdown lately. The tech tycoon was also reported to have fallen out of favour with powerful Chinese politicians for some time. It is perhaps why, when Chinese State broadcaster CCTV reported that 'Ma' was detained, markets shuddered. Alibaba is based in the city of Hangzou in China. The detainment of 'Ma' took place in this very city, reported media. What followed was a share market bloodbath in which Alibaba lost USD 26 billion of its market value. Investors naturally scrambled to sell their shares fearing 'Ma's arrest spelled doom for the company. Amid all the crazy frenzy, The Global Times' former Editor-in-Chief Hu Xijin clarified on China's Twitter-like platform Weibo that the person detained was a random guy with the surname 'Ma' and NOT Jack Ma, the tycoon. The Global Times is a Chinese state-run tabloid. To further calm the frenzy, the tabloid said that the detained Ma was born in 1985 while it's a public knowledge that Jack Ma was born in 1964. The clarification gave a filip to Alibaba's shares and the company recovered most of the loss by end of the day. Decode the geostrategy, diplomacy, and ideologies of the world’s unending wars. Catch our special series ‘World at War’ every Saturday at 8:30 PM IST and Sunday at 10:30 PM IST only on WION. WATCH WION LIVE HERE ×

Random guy named Ma gets detained, Alibaba loses USD 26 billion

Netizens on Tuesday (May 3) claimed that the 'IT director' detained in China on charges of subversion of state and colluding with outside forces is billionaire Alibaba founder Jack Ma.

The speculation started after the Hangzhou state security bureau confirmed that the name of the man arrested, for trying to split the country, ends with ''Ma.''

The Global Times made the announcement on the microblogging platform Twitter, A male department director of an internet company was detained on suspicion of colluding with outside forces and trying to subvert the state and split the country, the state security bureau in Hangzhou, East China’s Zhejiang Province, announced on Tuesday.''

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A male department director of an internet company was detained on suspicion of colluding with outside forces and trying to subvert the state and split the country, the state security bureau in Hangzhou, East China’s Zhejiang Province, announced on Tuesday. <a href="https://t.co/DnI2chxQ7M">pic.twitter.com/DnI2chxQ7M</a>
— Global Times (@globaltimesnews) <a href="https://twitter.com/globaltimesnews/status/1521303265207787520?ref_src=twsrc%5Etfw">May 3, 2022</a></blockquote>
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''Aside from forming illegal organizations and making political outlines to subvert the state, Ma also targeted young people and university students, inciting them to join in activities that smear the country and the people,'' it added.

"With the incitement of an anti-China figure, Ma created an online anonymous group to play the role of an agent of outside forces, spread rumours and disinformation, and release a so-called independence declaration to split the country and subvert the state."

A Weibo user wrote "Hangzhou, internet company... Why do I smell Alibaba?".

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The mouthpiece of the Chinese Communist Party confirmed with a related department about the man's information learned that his name has three Chinese characters,&nbsp;indicating that it was not.&nbsp; After the release of the report, Alibaba shares fell as much as 9 per cent on Tuesday.

Steven Leung, a sales director at brokerage UOB Kay Hian, told news agency Reuters that "Talk that a guy with the surname Ma in Hangzhou helped out an investigation triggered the panic, but as clarification came up... (it helped) calm down the market."

Amid an unprecedented regulatory crackdown on the sector for violations of antimonopoly, data privacy, and other rules, shares of Alibaba and other Chinese internet companies have been under pressure in the last couple of years.

Antitrust investigations were launched against Alibaba in April 2021 which resulted in a record $2.75 billion fine.

In 2020, the $37 billion listing of his fintech firm Ant Group was suspended by regulators two days before its planned debut.

(With inputs from agencies)

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Netizens on Tuesday (May 3) claimed that the 'IT director' detained in China on charges of subversion of state and colluding with outside forces is billionaire Alibaba founder Jack Ma.

Netizens on Tuesday (May 3) claimed that the 'IT director' detained in China on charges of subversion of state and colluding with outside forces is billionaire Alibaba founder Jack Ma. The speculation started after the Hangzhou state security bureau confirmed that the name of the man arrested, for trying to split the country, ends with ''Ma.'' The Global Times made the announcement on the microblogging platform Twitter, A male department director of an internet company was detained on suspicion of colluding with outside forces and trying to subvert the state and split the country, the state security bureau in Hangzhou, East China’s Zhejiang Province, announced on Tuesday.'' A male department director of an internet company was detained on suspicion of colluding with outside forces and trying to subvert the state and split the country, the state security bureau in Hangzhou, East China’s Zhejiang Province, announced on Tuesday. pic.twitter.com/DnI2chxQ7M — Global Times (@globaltimesnews) May 3, 2022 × ''Aside from forming illegal organizations and making political outlines to subvert the state, Ma also targeted young people and university students, inciting them to join in activities that smear the country and the people,'' it added. "With the incitement of an anti-China figure, Ma created an online anonymous group to play the role of an agent of outside forces, spread rumours and disinformation, and release a so-called independence declaration to split the country and subvert the state." A Weibo user wrote "Hangzhou, internet company... Why do I smell Alibaba?". The mouthpiece of the Chinese Communist Party confirmed with a related department about the man's information learned that his name has three Chinese characters, indicating that it was not. After the release of the report, Alibaba shares fell as much as 9 per cent on Tuesday. Steven Leung, a sales director at brokerage UOB Kay Hian, told news agency Reuters that "Talk that a guy with the surname Ma in Hangzhou helped out an investigation triggered the panic, but as clarification came up... (it helped) calm down the market." Amid an unprecedented regulatory crackdown on the sector for violations of antimonopoly, data privacy, and other rules, shares of Alibaba and other Chinese internet companies have been under pressure in the last couple of years. Antitrust investigations were launched against Alibaba in April 2021 which resulted in a record $2.75 billion fine. In 2020, the $37 billion listing of his fintech firm Ant Group was suspended by regulators two days before its planned debut. (With inputs from agencies) Watch WION's live TV here:

Netizens claim 'IT director' detained in China on charge of 'subversion of state' is Jack Ma

The US has included e-commerce sites operated by China's Tencent Holdings and Alibaba group holdings in the notorious markets list.

The US adds China's Tencent & Alibaba sites in the notorious markets list

E-commerce sites operated by China's Tencent Holdings Ltd and Alibaba Group Holding Ltd have been included on the US government's latest "notorious markets" list.

US adds e-commerce sites operated by Tencent, Alibaba to 'notorious markets' list for counterfeit

E-commerce giant Alibaba has launched Beijing Winter Olympics-themed non-fungible tokens (NFTs).

Featuring speed skating, aerial freestyle skiing, slopestyle, and figure skating, the virtual badges have a traditional Chinese ink painting style.

According to Alibaba, ''Owners of the NFTs are barred from using the digital collectibles for any commercial purpose.''

<a href="https://www.wionews.com/technology/after-cryptocurrencies-money-laundering-via-nfts-is-next-big-worry-450303">Also read |&nbsp;After cryptocurrencies, money laundering via NFTs is next big worry</a>

Taobao and Tmall, Alibaba’s core e-commerce sites in China will sell them in online marketplaces from February 5 to 20.

Available to Alibaba’s 88Vip paid members, the four badges have 8,888 copies each.

Called “digital collectibles,” the offerings are only available to mainland Chinese residents over the age of 14 years.

The buzz around this new market has been buoyed by art collectibles like CryptoPunks and Bored Apes, algorithmically generated portraits that can sell for millions of dollars. They have gained celebrity traction, with socialite Paris Hilton and TV host Jimmy Fallon recently showing off their Bored Apes.

Also read |&nbsp;<a href="https://www.wionews.com/world/explainer-what-is-the-hype-behind-pricey-pixels-why-people-spend-fortunes-on-nfts-or-digital-art-450100" hreflang="en">Explainer: What is the hype behind pricey pixels, why people spend fortunes on NFTs or digital art?</a>

Several big companies, from Coca-Cola to Gucci, are testing the temperature with their own NFTs. In the art world, meanwhile, just over $1 in every $20 of revenue at top auction houses last year came from NFTs.

A life-size image of International Olympic Committee president Thomas Bach virtually handed an Olympic torch to a similar hologram of the chief executive of tech giant Alibaba, Daniel Zhang, who was more than 1,000 km away from Beijing in Shanghai.

No longer the preserve of sci-fi movies, hologram technology is becoming a real communications option, especially after COVID-19 put the brakes on global travel, driving firms such as China's Alibaba to seek alternatives to in-person meetings beyond video conferences.

"We’re living in a different world," the virtual Bach said of the technology in 2022 compared with the 2008 Summer Games that was also held in Beijing.

The Hangzhou-based firm was fined a record $2.8 billion for antitrust violations and is under scrutiny as regulators step up oversight of the technology industry at a time when the economy is slowing.

(With inputs from agencies)

E-commerce giant Alibaba has launched Beijing Winter Olympics-themed non-fungible tokens (NFTs). Featuring speed skating, aerial freestyle skiing, slopestyle, and figure skating, the virtual badges have a traditional Chinese ink painting style.

E-commerce giant Alibaba has launched Beijing Winter Olympics-themed non-fungible tokens (NFTs). Featuring speed skating, aerial freestyle skiing, slopestyle, and figure skating, the virtual badges have a traditional Chinese ink painting style. According to Alibaba, ''Owners of the NFTs are barred from using the digital collectibles for any commercial purpose.'' Also read | After cryptocurrencies, money laundering via NFTs is next big worry Taobao and Tmall, Alibaba’s core e-commerce sites in China will sell them in online marketplaces from February 5 to 20. Available to Alibaba’s 88Vip paid members, the four badges have 8,888 copies each. Called “digital collectibles,” the offerings are only available to mainland Chinese residents over the age of 14 years. The buzz around this new market has been buoyed by art collectibles like CryptoPunks and Bored Apes, algorithmically generated portraits that can sell for millions of dollars. They have gained celebrity traction, with socialite Paris Hilton and TV host Jimmy Fallon recently showing off their Bored Apes. Also read | Explainer: What is the hype behind pricey pixels, why people spend fortunes on NFTs or digital art? Several big companies, from Coca-Cola to Gucci, are testing the temperature with their own NFTs. In the art world, meanwhile, just over $1 in every $20 of revenue at top auction houses last year came from NFTs. A life-size image of International Olympic Committee president Thomas Bach virtually handed an Olympic torch to a similar hologram of the chief executive of tech giant Alibaba, Daniel Zhang, who was more than 1,000 km away from Beijing in Shanghai. No longer the preserve of sci-fi movies, hologram technology is becoming a real communications option, especially after COVID-19 put the brakes on global travel, driving firms such as China's Alibaba to seek alternatives to in-person meetings beyond video conferences. "We’re living in a different world," the virtual Bach said of the technology in 2022 compared with the 2008 Summer Games that was also held in Beijing. The Hangzhou-based firm was fined a record $2.8 billion for antitrust violations and is under scrutiny as regulators step up oversight of the technology industry at a time when the economy is slowing. (With inputs from agencies)

Beijing Olympics 2022: Alibaba launches NFT in traditional Chinese ink painting style

A famous Chinese online influencer was slapped with a $210 million fine for alleged tax evasion, according to Chinese authorities.

Huang Wei, also known as Viya, is an internet celebrity with millions of followers. She has used her platform to sell a variety of products.

Viya is one of the biggest stars on Alibaba's&nbsp;digital clothing marketplace Taobao, where influencers try to sell items to viewers on live streams, according to Bloomberg.

The 36-year-old had over 80 million followers on Taobao and 18 million on Weibo, the microblogging platform, according to the Daily Mail.

This is the second tax evasion penalty slapped on e-commerce livestreamers since November.

On Monday, the State Taxation Administration in a statement on its website said that Viya evaded or underpaid 703 million yuan ($110 million) in taxes.

Also read |&nbsp;<a href="https://www.wionews.com/world/global-debt-rises-as-financial-crisis-looms-china-under-threat-437781">Global debt rises as financial crisis looms; China under threat</a>

The livestreamer is accused of evading taxes from 2019 to 2020 by concealing her personal income and falsely declaring some income sources, the press release said.

In a post on her Weibo account, Viya said she was “deeply sorry”.

“I thoroughly accept the punishment made by the tax authorities,” the post said.

According to AFP, Viya's accounts vanished from major online platforms on Tuesday, with her livestreaming page on Taobao shopping site rendered inaccessible.

Also read |&nbsp;<a href="https://www.wionews.com/world/after-tv-shows-china-goes-after-comics-and-animation-in-latest-clampdown-on-entertainment-industry-416454">After TV shows, China goes after comics and animation in latest clampdown on entertainment industry</a>

The state-backed Global Times newspaper says that her penalty serves as a “warning to others”.

China has been clamping down on online bloggers– who have grown in popularity since the pandemic started, according to reports.

The livestreaming e-commerce market has seen explosive growth in China, with the consulting firm KPMG estimating that the market could be valued at approximately 1 trillion yuan last year, or $156 billion,&nbsp;according to the South China Morning Post.

Previously in November, two influential livestreamers Zhu Chenhui, widely known as Xueli Cherie and Lin Shanshan, were fined 93.2 million yuan ($14.6 million) for tax evasion. Both of their Taobao e-shops were shut down afterwards.

(With inputs from agencies)

A famous Chinese online influencer was slapped with a $210 million fine for alleged tax evasion, according to Chinese authorities. Huang Wei, also known as Viya, is an internet celebrity with millions of followers.

A famous Chinese online influencer was slapped with a $210 million fine for alleged tax evasion, according to Chinese authorities. Huang Wei, also known as Viya, is an internet celebrity with millions of followers. She has used her platform to sell a variety of products. Viya is one of the biggest stars on Alibaba's digital clothing marketplace Taobao, where influencers try to sell items to viewers on live streams, according to Bloomberg. The 36-year-old had over 80 million followers on Taobao and 18 million on Weibo, the microblogging platform, according to the Daily Mail. This is the second tax evasion penalty slapped on e-commerce livestreamers since November. On Monday, the State Taxation Administration in a statement on its website said that Viya evaded or underpaid 703 million yuan ($110 million) in taxes. Also read | Global debt rises as financial crisis looms; China under threat The livestreamer is accused of evading taxes from 2019 to 2020 by concealing her personal income and falsely declaring some income sources, the press release said. In a post on her Weibo account, Viya said she was “deeply sorry”. “I thoroughly accept the punishment made by the tax authorities,” the post said. According to AFP, Viya's accounts vanished from major online platforms on Tuesday, with her livestreaming page on Taobao shopping site rendered inaccessible. Also read | After TV shows, China goes after comics and animation in latest clampdown on entertainment industry The state-backed Global Times newspaper says that her penalty serves as a “warning to others”. China has been clamping down on online bloggers– who have grown in popularity since the pandemic started, according to reports. The livestreaming e-commerce market has seen explosive growth in China, with the consulting firm KPMG estimating that the market could be valued at approximately 1 trillion yuan last year, or $156 billion, according to the South China Morning Post. Previously in November, two influential livestreamers Zhu Chenhui, widely known as Xueli Cherie and Lin Shanshan, were fined 93.2 million yuan ($14.6 million) for tax evasion. Both of their Taobao e-shops were shut down afterwards. (With inputs from agencies)

Top Chinese online influencer fined $210 million for tax evasion

China's e-commerce company Alibaba has fired a woman for spreading 'falsehoods' which was damaging the company's reputation. The woman's lawyer has confirmed her dismissal to the New York Times.

Speaking to government-backed newspaper Dahe Daily, the woman told that she was fired late last month after being given a termination&nbsp;letter. It accused the woman of spreading fake information about the assault and the company not taking an action. The letter mentioned that it "caused strong social concern and had a bad impact on the company".

The woman claimed that a colleague and a client had sexually assaulted her. In August, the woman went public with these allegations as she claimed that the company had failed to take the required action. She posted a long PDF document alleging she was sexually assaulted by her boss and a client. The post went viral on China's microblogging website.

<a href="https://www.wionews.com/world/threats-through-letter-indian-student-expelled-from-uk-university-for-stalking-436432">Also read |&nbsp;Threats through letter: Indian student expelled from UK university for stalking</a>

According to the woman, the client kissed her and after consuming alcohol she reportedly woke up the next day without her clothes. She had no memory of what had happened.

The woman further alleged that her boss had forced her to go to Jinan on a business trip with him while revealing that&nbsp;CCTV footage&nbsp;she had got from the hotel showed her boss had entered the room four times in the evening.

The colleague was fired but the criminal case against him was dropped. According to a report by BBC, the client is still under police investigation.

When the woman went public with the allegations, Alibaba received major backlash. A memo was issued which said that Alibaba was "staunchly opposed to forced drinking culture".

The woman, however, stands firm on her decision. She was quoted by the BBC as saying, "I have not made any mistakes, and certainly will not accept this result, and in the future will use legal means to protect my rights and interests."

(With inputs from agencies)

China's e-commerce company Alibaba has fired a woman for spreading 'falsehoods' which was damaging the company's reputation. The woman's lawyer has confirmed her dismissal to the New York Times.

China's e-commerce company Alibaba has fired a woman for spreading 'falsehoods' which was damaging the company's reputation. The woman's lawyer has confirmed her dismissal to the New York Times. Speaking to government-backed newspaper Dahe Daily, the woman told that she was fired late last month after being given a termination letter. It accused the woman of spreading fake information about the assault and the company not taking an action. The letter mentioned that it "caused strong social concern and had a bad impact on the company". The woman claimed that a colleague and a client had sexually assaulted her. In August, the woman went public with these allegations as she claimed that the company had failed to take the required action. She posted a long PDF document alleging she was sexually assaulted by her boss and a client. The post went viral on China's microblogging website. Also read | Threats through letter: Indian student expelled from UK university for stalking According to the woman, the client kissed her and after consuming alcohol she reportedly woke up the next day without her clothes. She had no memory of what had happened. The woman further alleged that her boss had forced her to go to Jinan on a business trip with him while revealing that CCTV footage she had got from the hotel showed her boss had entered the room four times in the evening. The colleague was fired but the criminal case against him was dropped. According to a report by BBC, the client is still under police investigation. When the woman went public with the allegations, Alibaba received major backlash. A memo was issued which said that Alibaba was "staunchly opposed to forced drinking culture". The woman, however, stands firm on her decision. She was quoted by the BBC as saying, "I have not made any mistakes, and certainly will not accept this result, and in the future will use legal means to protect my rights and interests." (With inputs from agencies)

China's e-commerce firm Alibaba fires woman who accused two men of sexual assault

China's market regulator has been fining companies for failing to declare 43 deals to&nbsp;the authorities that date back to 2016. These companies include Alibaba, Baidu and JD.com. The companies are being fined with an amount of 500,000 yuan under China's 2008 Anti-Monopoly law.

The earliest listed deal was from the year 2012 and the latest one was from 2021. It was an agreement between Baidu and Chinese automaker Zhejiang Geely Holdings to create a new-energy vehicle company.

Few other deals include Alibaba's 2014 acquisition of Chinese digital mapping firm AutoNavi and itspurchase of a 44 per cent stake in Ele.me with the aim of becoming the food delivery service's largest shareholder.

Alibaba, Baidu, JD.com and Geely have not yet commented on the same.&nbsp;

<a href="https://www.wionews.com/business-economy/one-year-since-jack-mas-speech-alibaba-has-lost-344-billion-report-423908">Also read |&nbsp;One year since Jack Ma's speech, Alibaba has lost $344 billion: Report</a>

Meanwhile, earlier a Bloomberg report cited that Alibaba has lost around $344 billion in market capitalisation, the largest ever decline in shareholder value globally.

In response to Jack Ma's speech last year, Chinese authorities had not only pulled Ant's IPO but also launched an antitrust probe against Alibaba, which ultimately resulted in a $2.75 billion fine for the company.

The value of Alibaba's stock fell the most over the past year globally.&nbsp;

Jack Ma, delivered a blunt criticism of China's financial system last October. This is when few had predicted a downward spiral for the holdings of the group.

China's market regulator has been fining companies for failing to declare 43 deals to the authorities that date back to 2016. These companies include Alibaba, Baidu and JD.

China's market regulator has been fining companies for failing to declare 43 deals to the authorities that date back to 2016. These companies include Alibaba, Baidu and JD.com. The companies are being fined with an amount of 500,000 yuan under China's 2008 Anti-Monopoly law. The earliest listed deal was from the year 2012 and the latest one was from 2021. It was an agreement between Baidu and Chinese automaker Zhejiang Geely Holdings to create a new-energy vehicle company. Few other deals include Alibaba's 2014 acquisition of Chinese digital mapping firm AutoNavi and itspurchase of a 44 per cent stake in Ele.me with the aim of becoming the food delivery service's largest shareholder. Alibaba, Baidu, JD.com and Geely have not yet commented on the same. Also read | One year since Jack Ma's speech, Alibaba has lost $344 billion: Report Meanwhile, earlier a Bloomberg report cited that Alibaba has lost around $344 billion in market capitalisation, the largest ever decline in shareholder value globally. In response to Jack Ma's speech last year, Chinese authorities had not only pulled Ant's IPO but also launched an antitrust probe against Alibaba, which ultimately resulted in a $2.75 billion fine for the company. The value of Alibaba's stock fell the most over the past year globally. Jack Ma, delivered a blunt criticism of China's financial system last October. This is when few had predicted a downward spiral for the holdings of the group.

China imposes a fine of $78,000 each on major tech giants

Chinese e-commerce giant Alibaba heightened worries about Beijing's broad regulatory crackdown and slowing growth in the world's second-biggest economy.

China: Alibaba shares drop after disappointing earnings

Chinese authorities have reportedly drafted a&nbsp;regulation which would punish people who help internet users bypass its "Great firewall" and provide access to content not passed by regulators.

The proposed rule is still under consultation. It was unveiled over the weekend as China continues its clampdown on internet freedom.

The development comes as US tech giant Microsoft announced last month that it will be closing its career social site LinkedIn over "challenging operating environment".

<a href="https://www.wionews.com/technology/chinese-internet-watchdog-says-33-mobile-apps-broke-data-privacy-rules-382522">Also Read:&nbsp;Chinese internet watchdog says 33 mobile apps broke data privacy rules</a>

Microsoft said it was facing "compliance requirements" in China. The company's career site was launched in 2014.&nbsp;

China's "Great Firewall" has increasingly become the focus of international attention after authorities restricted local internet giants accusing them of monopolistic practices and failing to ensure privacy of users.

Watch:&nbsp;Dissident Chinese artist highlights China's poor record

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China's social media giant Tencent had taken a hit in revenues after regulatory crackdown. Last month, China's State Administration for Market Regulation (SAMR) had said large platforms needed to do more to ensure data protection.

<a href="https://www.wionews.com/business-economy/one-year-since-jack-mas-speech-alibaba-has-lost-344-billion-report-423908">Also Read:&nbsp;One year since Jack Ma's speech, Alibaba has lost $344 billion</a>

The SAMR instructed the "super-large platforms" with over 500 million users not to take data from users without their consent as it targeted the big local giants Tencent and Alibaba.

Last year Chinese regulators had launched an anti-trust investigation into Alibaba's founder Jack Ma's business and had suspended his&nbsp;multi-billion dollar IPO of his fintech firm Ant Group. China's e-commerce giant faced a massive $2.75 billion fine as Ma's net worth plunged.

<a href="https://www.wionews.com/world/china-issues-draft-guidelines-for-internet-recommendation-algorithms-408694">Also Read:&nbsp;China issues draft guidelines for internet recommendation algorithms</a>

Authorities took the step after Ma reportedly said in a speech that the country's financial watchdogs were stifling innovation.&nbsp;

(With inputs from Agencies)

Chinese authorities have reportedly drafted a regulation which would punish people who help internet users bypass its "Great firewall" and provide access to content not passed by regulators.

Chinese authorities have reportedly drafted a regulation which would punish people who help internet users bypass its "Great firewall" and provide access to content not passed by regulators. The proposed rule is still under consultation. It was unveiled over the weekend as China continues its clampdown on internet freedom. The development comes as US tech giant Microsoft announced last month that it will be closing its career social site LinkedIn over "challenging operating environment". Also Read: Chinese internet watchdog says 33 mobile apps broke data privacy rules Microsoft said it was facing "compliance requirements" in China. The company's career site was launched in 2014. China's "Great Firewall" has increasingly become the focus of international attention after authorities restricted local internet giants accusing them of monopolistic practices and failing to ensure privacy of users. Watch: Dissident Chinese artist highlights China's poor record China's social media giant Tencent had taken a hit in revenues after regulatory crackdown. Last month, China's State Administration for Market Regulation (SAMR) had said large platforms needed to do more to ensure data protection. Also Read: One year since Jack Ma's speech, Alibaba has lost $344 billion The SAMR instructed the "super-large platforms" with over 500 million users not to take data from users without their consent as it targeted the big local giants Tencent and Alibaba. Last year Chinese regulators had launched an anti-trust investigation into Alibaba's founder Jack Ma's business and had suspended his multi-billion dollar IPO of his fintech firm Ant Group. China's e-commerce giant faced a massive $2.75 billion fine as Ma's net worth plunged. Also Read: China issues draft guidelines for internet recommendation algorithms Authorities took the step after Ma reportedly said in a speech that the country's financial watchdogs were stifling innovation. (With inputs from Agencies)

Now, China targets individuals who help users bypass 'Great Firewall'

Singles' Day, which is an unofficial holiday and marks the beginning of the shopping season in China, is losing its gloss.

The slowest pace of sales growth was recorded by e-commerce giant Alibaba Group Holding Ltd.

The single-digit growth has underscored strong regulatory and supply chain headwinds for China's tech firms.

<a href="https://www.wionews.com/world/chinese-president-xi-jinpings-authority-boosted-by-communist-partys-rare-resolution-428559">Also read |&nbsp;Chinese President Xi Jinping's authority boosted by Communist Party's rare resolution</a>

The gross merchandise value of Singles' Day, originally called Bachelor's Day, has been hurt by a slower economy and tighter regulatory scrutiny.

Founded in 2009, the festival had recorded at least double digits every year.&nbsp;

State-backed Securities Daily newspaper criticised&nbsp;''The 'worship of turnover' is not only unsustainable in terms of digital growth but is also inextricably linked to chaos.''

It also said the shift of focus from sales is ''chaotic and incompatible with China's new development path.''

Also read |&nbsp;<a href="https://www.wionews.com/world/asia-pacific-region-should-not-return-to-cold-war-tensions-warns-xi-jinping-at-apec-428420" hreflang="en">Asia-Pacific region should not return to Cold War tensions: Xi Jinping</a>

"The magic of Double 11 is fading," said Sharry Wu, Greater China consulting business transformation leader at consulting firm EY.

"Brands have to understand after years of practice, Singles' Day is not their guaranteed sales booster."

Meanwhile, experts believe the reason behind this year's growth slump is the poor quality of products and customers being wary of the day's promotions.

President Xi Jinping had especially targetted abuse of user data and monopolistic business practices by platforms during the crackdown.

Despite heavy pressure from the government, Alibaba and industry rival JD.com earned 889 billion yuan ($139.4 billion).

The shopping fest is considered as a barometer of consumer sentiment in the world's second-largest economy. 
&nbsp;

(With inputs from agencies)

Singles' Day, which is an unofficial holiday and marks the beginning of the shopping season in China, is losing its gloss. The slowest pace of sales growth was recorded by e-commerce giant Alibaba Group Holding Ltd.

Singles' Day, which is an unofficial holiday and marks the beginning of the shopping season in China, is losing its gloss. The slowest pace of sales growth was recorded by e-commerce giant Alibaba Group Holding Ltd. The single-digit growth has underscored strong regulatory and supply chain headwinds for China's tech firms. Also read | Chinese President Xi Jinping's authority boosted by Communist Party's rare resolution The gross merchandise value of Singles' Day, originally called Bachelor's Day, has been hurt by a slower economy and tighter regulatory scrutiny. Founded in 2009, the festival had recorded at least double digits every year. State-backed Securities Daily newspaper criticised ''The 'worship of turnover' is not only unsustainable in terms of digital growth but is also inextricably linked to chaos.'' It also said the shift of focus from sales is ''chaotic and incompatible with China's new development path.'' Also read | Asia-Pacific region should not return to Cold War tensions: Xi Jinping "The magic of Double 11 is fading," said Sharry Wu, Greater China consulting business transformation leader at consulting firm EY. "Brands have to understand after years of practice, Singles' Day is not their guaranteed sales booster." Meanwhile, experts believe the reason behind this year's growth slump is the poor quality of products and customers being wary of the day's promotions. President Xi Jinping had especially targetted abuse of user data and monopolistic business practices by platforms during the crackdown. Despite heavy pressure from the government, Alibaba and industry rival JD.com earned 889 billion yuan ($139.4 billion). The shopping fest is considered as a barometer of consumer sentiment in the world's second-largest economy. (With inputs from agencies)

China's Singles' Day is losing its gloss amid tech crackdown and scrutiny

Alibaba group holding saw a dip of $344 billion in the world's biggest wipeout after its founder Jack Ma bluntly criticised the Chinese Financial System last year.

Alibaba loses $344 bn in one year in world's biggest wipeout of market capital

It has been a year since the speech delivered by the Alibaba boss Jack ma that resulted in a big wipeout; Jack ma had delivered a blunt criticism of the country's financial system.

One year since Jack Ma's speech, Alibaba has lost $344 billion: Report

When Alibaba founder, Jack Ma, delivered a blunt criticism of China's financial system last October, few could have predicted the downward spiral that Alibaba Group Holding's has witnessed.

According to a Bloomberg report, in just a year, the technology titan, Alibaba has lost around $344 billion in market capitalisation, the largest ever decline in shareholder value globally.

Also read |&nbsp;<a href="https://www.wionews.com/business-economy/jack-mas-reported-europe-trip-boosts-alibaba-shares-422344">Jack Ma's reported Europe trip boosts Alibaba shares</a>

In the aftermath of the now-infamous speech, Beijing suspended the listing of its Ant Group company, which Ma had spun off from Alibaba.

In response to Jack Ma's speech last year, Chinese authorities had not only pulled Ant's IPO but also launched an antitrust probe against Alibaba, which ultimately resulted in a $2.75 billion fine for the company.

The value of Alibaba's stock fell the most over the past year globally.

Also read |&nbsp;<a href="https://www.wionews.com/technology/alibaba-unveils-custom-arm-based-server-chip-for-cloud-computing-data-centers-421947">Alibaba unveils custom ARM-based server chip for cloud computing data centers</a>

As Beijing stepped up its scrutiny of Alibaba's practices and encouraged a reorganization of its fintech business, the company's shares dropped to a record low of USD 139.63 on October 4th (three weeks earlier).

The recent reports that Alibaba founder Jack Ma was in Europe has led to a six per cent jump in the company's shares. In the aftermath of regulatory crackdowns on his business empire last year, Ma has kept a low profile and largely remained out of the public eye.

Watch |&nbsp;Alibaba group founder Jack Ma resurfaces in Hong Kong

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Since October 5th, the company's stock has made a recovery of around 30 per cent. Despite this, the stock is still more than 40 per cent below its October 2020 peak.&nbsp;

The price of the company's stock hovered around $174 on Monday, as opposed to the $306.87 a year earlier (26 October 2020).

When Alibaba founder, Jack Ma, delivered a blunt criticism of China's financial system last October, few could have predicted the downward spiral that Alibaba Group Holding's has witnessed.

When Alibaba founder, Jack Ma, delivered a blunt criticism of China's financial system last October, few could have predicted the downward spiral that Alibaba Group Holding's has witnessed. According to a Bloomberg report, in just a year, the technology titan, Alibaba has lost around $344 billion in market capitalisation, the largest ever decline in shareholder value globally. Also read | Jack Ma's reported Europe trip boosts Alibaba shares In the aftermath of the now-infamous speech, Beijing suspended the listing of its Ant Group company, which Ma had spun off from Alibaba. In response to Jack Ma's speech last year, Chinese authorities had not only pulled Ant's IPO but also launched an antitrust probe against Alibaba, which ultimately resulted in a $2.75 billion fine for the company. The value of Alibaba's stock fell the most over the past year globally. Also read | Alibaba unveils custom ARM-based server chip for cloud computing data centers As Beijing stepped up its scrutiny of Alibaba's practices and encouraged a reorganization of its fintech business, the company's shares dropped to a record low of USD 139.63 on October 4th (three weeks earlier). The recent reports that Alibaba founder Jack Ma was in Europe has led to a six per cent jump in the company's shares. In the aftermath of regulatory crackdowns on his business empire last year, Ma has kept a low profile and largely remained out of the public eye. Watch | Alibaba group founder Jack Ma resurfaces in Hong Kong Since October 5th, the company's stock has made a recovery of around 30 per cent. Despite this, the stock is still more than 40 per cent below its October 2020 peak. The price of the company's stock hovered around $174 on Monday, as opposed to the $306.87 a year earlier (26 October 2020).

Alibaba shares surged by more than six per cent as reports suggested that billionaire Jack Ma, founder of Alibaba was seen in Europe. This was taken to be an indication that worst of China's regulatory crackdown for the tech-giant may be over.

Jack Ma has been keeping a low profile even since Chinese officials scuttled Ant Group's record-breaking IPO worth USD 37 billion last November. The crackdown from the Chinese state came after Jack Ma's speech last year criticising Chinese regulators.

Ma's presence in Spain -- for a "study tour of the agricultural industry and technology related to the environment" -- was reported by the South China Morning Post, which is owned by Alibaba.

The paper said the 57-year-old, who retired from the role of Alibaba's chairman in 2019, was attending a series of business meetings in Europe.

It said he had also stayed in Hong Kong for "private time" with his family before his trip abroad, citing an anonymous source familiar with Ma's itinerary.

However, Alibaba spokesperson declined to comment as per Reuters.

Also Read | <a href="https://www.wionews.com/world/chinese-business-tycoon-jack-ma-reappears-in-hong-kong-420381">Chinese business tycoon Jack Ma reappears in Hong Kong</a>

But the news sent Alibaba's shares soaring, closing 6.67 percent higher in Hong Kong on Wednesday. So far this month, the firm's share price has surged 23 percent as hopes rise the company is now out of the dog house with authorities in Beijing.

That sentiment has also helped buoy Hong Kong's stock exchange, which has been hammered by China's regulatory crackdown in recent months.

The Hang Seng Index, one of the worst performers this year, is now up 10 percent since closing at a five-year low on October 6.&nbsp;

"It's getting clearer and clearer that the worst of Beijing's crackdowns are behind us, in particular in the technology sector as they were the first to suffer," Jackson Wong, asset management director at Amber Hill Capital, told Bloomberg News.&nbsp;

After Jack Ma's speech last year, Chinese authorities pulled Ant's IPO and followed up with an antitrust probe of Alibaba, eventually fining the company $2.75 billion.

Chinese authorities have also ordered Ant to undergo restructuring as a condition for reviving its IPO.

Ma disappeared towards the end of the last year but briefly resurfaced in January after a video clip showed him giving a speech to rural teachers as part of an event organised by his charity.

His trip to Spain is believed to be the first time he has travelled overseas since regulators went for Alibaba.&nbsp;

(With inputs from agencies)

Alibaba shares surged by more than six per cent as reports suggested that billionaire Jack Ma, founder of Alibaba was seen in Europe. This was taken to be an indication that worst of China's regulatory crackdown for the tech-giant may be over.

Alibaba shares surged by more than six per cent as reports suggested that billionaire Jack Ma, founder of Alibaba was seen in Europe. This was taken to be an indication that worst of China's regulatory crackdown for the tech-giant may be over. Jack Ma has been keeping a low profile even since Chinese officials scuttled Ant Group's record-breaking IPO worth USD 37 billion last November. The crackdown from the Chinese state came after Jack Ma's speech last year criticising Chinese regulators. Ma's presence in Spain -- for a "study tour of the agricultural industry and technology related to the environment" -- was reported by the South China Morning Post, which is owned by Alibaba. The paper said the 57-year-old, who retired from the role of Alibaba's chairman in 2019, was attending a series of business meetings in Europe. It said he had also stayed in Hong Kong for "private time" with his family before his trip abroad, citing an anonymous source familiar with Ma's itinerary. However, Alibaba spokesperson declined to comment as per Reuters. Also Read | Chinese business tycoon Jack Ma reappears in Hong Kong But the news sent Alibaba's shares soaring, closing 6.67 percent higher in Hong Kong on Wednesday. So far this month, the firm's share price has surged 23 percent as hopes rise the company is now out of the dog house with authorities in Beijing. That sentiment has also helped buoy Hong Kong's stock exchange, which has been hammered by China's regulatory crackdown in recent months. The Hang Seng Index, one of the worst performers this year, is now up 10 percent since closing at a five-year low on October 6. "It's getting clearer and clearer that the worst of Beijing's crackdowns are behind us, in particular in the technology sector as they were the first to suffer," Jackson Wong, asset management director at Amber Hill Capital, told Bloomberg News. After Jack Ma's speech last year, Chinese authorities pulled Ant's IPO and followed up with an antitrust probe of Alibaba, eventually fining the company $2.75 billion. Chinese authorities have also ordered Ant to undergo restructuring as a condition for reviving its IPO. Ma disappeared towards the end of the last year but briefly resurfaced in January after a video clip showed him giving a speech to rural teachers as part of an event organised by his charity. His trip to Spain is believed to be the first time he has travelled overseas since regulators went for Alibaba. (With inputs from agencies)

Jack Ma's reported Europe trip boosts Alibaba shares

Chinese tech giant Alibaba Group Holding Ltd said on Tuesday it has developed a processor that will be used to power servers in its data centers.

The development marks the latest foray into semiconductors for the company, mirroring moves from other global cloud computing players while also dovetailing with Chinese government's priorities to boost the nation's chip sector.

Also Read |<a href="https://www.wionews.com/world/five-us-lawmakers-accuse-amazon-of-possibly-lying-to-congress-following-reuters-report-421811">&nbsp;Five US lawmakers accuse Amazon of possibly lying to Congress following Reuters report</a>

Developed by Alibaba's in-house semiconductor unit T-Head, the chip — the Yitian 710 — is based on architecture from UK-based Arm Ltd, and will not be available for commercial use outside of Alibaba.

Alibaba is the largest cloud computing provider in China by market share and the third-largest globally, according to research firm Gartner.

Its rivals in the sector have also released server chips of their own. Huawei Technologies Co Ltd and Amazon.com Inc rely on their respective Kunpeng and Graviton chips to power their cloud computing infrastructure.

Alibaba also said it has a developed proprietary line of servers, called Panjiu, and added that it will make the source code for its Xuantie series of IP cores — based on the RISC-V open source architecture — available to the public. Alibaba unveiled the Xuantie in 2019.

Also Read |&nbsp;<a href="https://www.wionews.com/world/exhausted-chinese-employees-start-worker-lives-matter-campaign-over-grueling-work-hours-421420">Exhausted Chinese employees start 'worker lives matter' campaign over grueling work hours</a>

China's government has long urged industry to invest in the domestic chip sector, which remains behind that of global counterparts.

The country remains reliant on overseas companies for much of its advanced semiconductors, a vulnerability brought forth when US&nbsp;sanctions against Huawei crippled that company`s booming smartphone business.

In addition to Alibaba, search giant Baidu Inc, phone maker Xiaomi Corp, and a number of Chinese automotive and appliance companies have begun investing in chips.

Chinese tech giant Alibaba Group Holding Ltd said on Tuesday it has developed a processor that will be used to power servers in its data centers. The development marks the latest foray into semiconductors for the company, mirroring moves from other global cloud computing players while also dovetailing with Chinese government's priorities to boost the nation's chip sector.

Chinese tech giant Alibaba Group Holding Ltd said on Tuesday it has developed a processor that will be used to power servers in its data centers. The development marks the latest foray into semiconductors for the company, mirroring moves from other global cloud computing players while also dovetailing with Chinese government's priorities to boost the nation's chip sector. Also Read | Five US lawmakers accuse Amazon of possibly lying to Congress following Reuters report Developed by Alibaba's in-house semiconductor unit T-Head, the chip — the Yitian 710 — is based on architecture from UK-based Arm Ltd, and will not be available for commercial use outside of Alibaba. Alibaba is the largest cloud computing provider in China by market share and the third-largest globally, according to research firm Gartner. Its rivals in the sector have also released server chips of their own. Huawei Technologies Co Ltd and Amazon.com Inc rely on their respective Kunpeng and Graviton chips to power their cloud computing infrastructure. Alibaba also said it has a developed proprietary line of servers, called Panjiu, and added that it will make the source code for its Xuantie series of IP cores — based on the RISC-V open source architecture — available to the public. Alibaba unveiled the Xuantie in 2019. Also Read | Exhausted Chinese employees start 'worker lives matter' campaign over grueling work hours China's government has long urged industry to invest in the domestic chip sector, which remains behind that of global counterparts. The country remains reliant on overseas companies for much of its advanced semiconductors, a vulnerability brought forth when US sanctions against Huawei crippled that company`s booming smartphone business. In addition to Alibaba, search giant Baidu Inc, phone maker Xiaomi Corp, and a number of Chinese automotive and appliance companies have begun investing in chips.

Alibaba unveils custom ARM-based server chip for cloud computing data centers

Alibaba group founder Jack Ma has resurfaces in Hong Kong. According to reports Jack Ma met business associates in recent days. He has been largely out of public view since a clampdown by Chinese authorities on his business empire late last year.

Alibaba group founder Jack Ma resurfaces in Hong Kong

Chinese billionaire and business tycoon Jack Ma has been meeting business associates in Hong Kong, said Reuters quoting sources. Ma has been keeping a low profile and was largely out of public view since regulatory clampdown on his business empire last year.

The crackdown on his business came soon after he delivered a speech last October criticising China's financial regulators. The chain of events resulted in shelving of his Ant Group's mega IPO.

While Ma made a limited number of public appearances in mainland China after that, as speculation swirled about his whereabouts, one of the sources said the visit marked his first trip to the Asian financial hub since last October. Alibaba did not immediately respond to requests for comment outside of its regular business hours. Comments from Ma typically come via the company.

Also Read | <a href="https://www.wionews.com/opinions-blogs/China-xi-jinping-crackdown-evergrande-mao-zedong-mistake-repeat-419919">Opinion | Is China's Xi Jinping repeating Mao's mistake?</a>

Ma, once China's most famous and outspoken entrepreneur, met at least "a few" business associates over meals last week, the sources said.

The former English teacher disappeared from public view for three months before surfacing in January, speaking to a group of teachers by video. That eased concern about his unusual absence from the limelight and sent Alibaba shares surging.

Also Read | <a href="https://www.wionews.com/world/china-plans-to-ban-non-communist-media-outlets-in-a-further-blow-to-free-speech-420272">China plans to ban non-Communist media outlets in a further blow to free speech</a>

Alibaba and its tech rivals have been the target of a wide-ranging regulatory crackdown on issues ranging from monopolistic behaviour to consumer rights. The e-commerce behemoth was fined a record $2.75 billion in April over monopoly violations. Earlier this year, regulators also imposed a sweeping restructuring on Ant, whose botched $37 billion initial public offering in Hong Kong and on Shanghai's Nasdaq-style STAR Market would have been the world's largest.

(With inputs from agencies) 
&nbsp;

Chinese billionaire and business tycoon Jack Ma has been meeting business associates in Hong Kong, said Reuters quoting sources. Ma has been keeping a low profile and was largely out of public view since regulatory clampdown on his business empire last year.

Chinese billionaire and business tycoon Jack Ma has been meeting business associates in Hong Kong, said Reuters quoting sources. Ma has been keeping a low profile and was largely out of public view since regulatory clampdown on his business empire last year. The crackdown on his business came soon after he delivered a speech last October criticising China's financial regulators. The chain of events resulted in shelving of his Ant Group's mega IPO. While Ma made a limited number of public appearances in mainland China after that, as speculation swirled about his whereabouts, one of the sources said the visit marked his first trip to the Asian financial hub since last October. Alibaba did not immediately respond to requests for comment outside of its regular business hours. Comments from Ma typically come via the company. Also Read | Opinion | Is China's Xi Jinping repeating Mao's mistake? Ma, once China's most famous and outspoken entrepreneur, met at least "a few" business associates over meals last week, the sources said. The former English teacher disappeared from public view for three months before surfacing in January, speaking to a group of teachers by video. That eased concern about his unusual absence from the limelight and sent Alibaba shares surging. Also Read | China plans to ban non-Communist media outlets in a further blow to free speech Alibaba and its tech rivals have been the target of a wide-ranging regulatory crackdown on issues ranging from monopolistic behaviour to consumer rights. The e-commerce behemoth was fined a record $2.75 billion in April over monopoly violations. Earlier this year, regulators also imposed a sweeping restructuring on Ant, whose botched $37 billion initial public offering in Hong Kong and on Shanghai's Nasdaq-style STAR Market would have been the world's largest. (With inputs from agencies)

Chinese business tycoon Jack Ma reappears in Hong Kong

Beijing wants to break up Alipay, the hugely popular payments app owned by Jack Ma's Ant Group, and create a separate app for the company's highly profitable loans business, the Financial Times reported on Sunday.

The plan will also see Ant turn over the user data that underpins its lending decisions to a new credit scoring joint-venture, which will be partly state-owned, the newspaper reported, citing two people familiar with the process.

State-backed firms are set to take a sizeable stake in Ant's credit-scoring joint venture for the first time, three people told Reuters last week.

The partners plan to establish a personal credit-scoring firm wherein Ant and Zhejiang Tourism Investment Group Co Ltd will each own 35 per cent&nbsp;of the venture, while other state-backed partners, Hangzhou Finance and Investment Group and Zhejiang Electronic Port, will each hold slightly more than 5 per cent, said one of the people.

<a href="https://www.wionews.com/world/china-fines-alibaba-record-275-billion-for-anti-monopoly-violations-376566">Also read |&nbsp;China fines Alibaba record $2.75 billion for anti-monopoly violations&nbsp;</a>

According to the FT report, Ant will not be China's only online lender affected by the new rules. The company did not immediately respond to a Reuters' request for a comment.

In April, Chinese regulators asked Ant to conduct a sweeping business overhaul, include turning Ant itself into a financial holding firm, and fold its two lucrative micro-loan businesses Jiebei and Huabei, into the new consumer finance firm.

Chinese regulatory authorities have been targeting Ant Group and other internet "platform" giants in a wide-ranging crackdown encompassing antitrust and privacy issues, user data and cryptocurrencies.

Beijing wants to break up Alipay, the hugely popular payments app owned by Jack Ma's Ant Group, and create a separate app for the company's highly profitable loans business, the Financial Times reported on Sunday.

Beijing wants to break up Alipay, the hugely popular payments app owned by Jack Ma's Ant Group, and create a separate app for the company's highly profitable loans business, the Financial Times reported on Sunday. The plan will also see Ant turn over the user data that underpins its lending decisions to a new credit scoring joint-venture, which will be partly state-owned, the newspaper reported, citing two people familiar with the process. State-backed firms are set to take a sizeable stake in Ant's credit-scoring joint venture for the first time, three people told Reuters last week. The partners plan to establish a personal credit-scoring firm wherein Ant and Zhejiang Tourism Investment Group Co Ltd will each own 35 per cent of the venture, while other state-backed partners, Hangzhou Finance and Investment Group and Zhejiang Electronic Port, will each hold slightly more than 5 per cent, said one of the people. Also read | China fines Alibaba record $2.75 billion for anti-monopoly violations According to the FT report, Ant will not be China's only online lender affected by the new rules. The company did not immediately respond to a Reuters' request for a comment. In April, Chinese regulators asked Ant to conduct a sweeping business overhaul, include turning Ant itself into a financial holding firm, and fold its two lucrative micro-loan businesses Jiebei and Huabei, into the new consumer finance firm. Chinese regulatory authorities have been targeting Ant Group and other internet "platform" giants in a wide-ranging crackdown encompassing antitrust and privacy issues, user data and cryptocurrencies.

China plans to break up Ant's Alipay and force creation of separate loans app

A court in China has dropped a case against a former Alibaba manager who was accused by a female colleague of sexual assault.

The district court in north-eastern Shandong province said the “forcible indecency” committed by the man, identified as Wang, was not a crime.

The former manager, whose last name is Wang, was detained in August after the women accused him of sexual assault while they were on a business trip to the northern Chinese city of Jinan.

Police said the investigation was closed but added that Wang will remain under detention for 15 days “as punishment”.

On Weibo, Wang's wife thanked his team of lawyers in a post on Tuesday. She previously accused the female employee of framing her husband for sexual misconduct.

Also read |<a href="https://www.wionews.com/world/alibaba-fires-10-employees-for-leaking-sexual-assault-accusations-409422">&nbsp;Alibaba fires 10 employees for leaking sexual assault accusations</a>

In an 8,000-word letter, the woman had claimed that the manager raped her in a hotel room while she was unconscious after a “drunken night.” She said she woke up the next morning naked in her bed in her hotel room.

According to a letter sent to employees by Alibaba CEO Daniel Zhang, Wang admitted to “intimate acts” with an inebriated female employee, adding that he will “never be rehired.”

Her allegations were widely shared on Chinese social media, drawing widespread criticism online, with many lamenting the lack of protection for women in sexual assault cases.

Facing severe backlash, Alibaba fired Wang, while the two executives who failed to act on the allegation also resigned.

Later, the company issued a statement, saying, “Alibaba Group has a zero-tolerance policy against sexual misconduct, and ensuring a safe workplace for all our employees is Alibaba’s top priority.”

(With inputs from agencies)

A court in China has dropped a case against a former Alibaba manager who was accused by a female colleague of sexual assault. The district court in north-eastern Shandong province said the “forcible indecency” committed by the man, identified as Wang, was not a crime.

A court in China has dropped a case against a former Alibaba manager who was accused by a female colleague of sexual assault. The district court in north-eastern Shandong province said the “forcible indecency” committed by the man, identified as Wang, was not a crime. The former manager, whose last name is Wang, was detained in August after the women accused him of sexual assault while they were on a business trip to the northern Chinese city of Jinan. Police said the investigation was closed but added that Wang will remain under detention for 15 days “as punishment”. On Weibo, Wang's wife thanked his team of lawyers in a post on Tuesday. She previously accused the female employee of framing her husband for sexual misconduct. Also read | Alibaba fires 10 employees for leaking sexual assault accusations In an 8,000-word letter, the woman had claimed that the manager raped her in a hotel room while she was unconscious after a “drunken night.” She said she woke up the next morning naked in her bed in her hotel room. According to a letter sent to employees by Alibaba CEO Daniel Zhang, Wang admitted to “intimate acts” with an inebriated female employee, adding that he will “never be rehired.” Her allegations were widely shared on Chinese social media, drawing widespread criticism online, with many lamenting the lack of protection for women in sexual assault cases. Facing severe backlash, Alibaba fired Wang, while the two executives who failed to act on the allegation also resigned. Later, the company issued a statement, saying, “Alibaba Group has a zero-tolerance policy against sexual misconduct, and ensuring a safe workplace for all our employees is Alibaba’s top priority.” (With inputs from agencies)

China court drops sexual assault charge against former Alibaba employee

Alibaba Group Holding Ltd dismissed 10 employees for publicizing a female colleague's account of sexual assault allegations against a former manager, Bloomberg News reported on Monday, citing people familiar with the matter.

The company fired the 10 employees for sharing screenshots of the woman's post in the public domain after removing watermarks that bore their IDs, the Bloomberg report said, citing an internal announcement from last week.

The employees were fired for violating policies against exposing content on employee forums, Bloomberg reported, citing the people familiar.

Three other employees have also been reprimanded for making inappropriate comments in public forum, according to the report.

Also read |&nbsp;<a href="https://www.wionews.com/world/chinas-alibaba-fires-manager-accused-of-sexually-assaulting-employee-as-social-media-explodes-404150">China's Alibaba fires manager accused of sexually assaulting employee as social media explodes</a>

Alibaba declined to comment on the report.

A female employee had posted an 11-page account on Alibaba's intranet in early August saying her manager and a client had sexually assaulted her, and that superiors and human resources had not taken the matter seriously in the five days since she reported it.

Alibaba fired the manager accused of sexual assault, but was blasted by state media for not acting until the accuser went public.

The e-commerce company made its decision to fire the 10 workers after wrapping up an internal investigation and has not announced the final results of that probe to the public, Bloomberg reported.

Alibaba Group Holding Ltd dismissed 10 employees for publicizing a female colleague's account of sexual assault allegations against a former manager, Bloomberg News reported on Monday, citing people familiar with the matter.

Alibaba Group Holding Ltd dismissed 10 employees for publicizing a female colleague's account of sexual assault allegations against a former manager, Bloomberg News reported on Monday, citing people familiar with the matter. The company fired the 10 employees for sharing screenshots of the woman's post in the public domain after removing watermarks that bore their IDs, the Bloomberg report said, citing an internal announcement from last week. The employees were fired for violating policies against exposing content on employee forums, Bloomberg reported, citing the people familiar. Three other employees have also been reprimanded for making inappropriate comments in public forum, according to the report. Also read | China's Alibaba fires manager accused of sexually assaulting employee as social media explodes Alibaba declined to comment on the report. A female employee had posted an 11-page account on Alibaba's intranet in early August saying her manager and a client had sexually assaulted her, and that superiors and human resources had not taken the matter seriously in the five days since she reported it. Alibaba fired the manager accused of sexual assault, but was blasted by state media for not acting until the accuser went public. The e-commerce company made its decision to fire the 10 workers after wrapping up an internal investigation and has not announced the final results of that probe to the public, Bloomberg reported.

Alibaba fires 10 employees for leaking sexual assault accusations

Chinese e-commerce giant Alibaba has fired a manager accused of sexual abuse. CEO Danial Zhang said that he felt shocked, ashamed, furious about the sexual assault case. He also added that the company is cooperating in the police investigation.

Alibaba fires manager accused of sexual assault

China's retail giant Alibaba has fired a manager who allegedly sexually assaulted a woman employee.

The company said it will establish policies to prevent sexual harassment. Alibaba said the manager has been fired and will never be rehired as a police investigation was launched into the incident.

"Alibaba Group has a zero-tolerance policy against sexual misconduct," the company asserted.

Earlier, a woman over the weekend had posted a long PDF document alleging she was sexually assaulted by her boss and a client. The post went viral on China's microblogging website Weibo as police took up the investigation in China's Jinan city.

Alibaba said it had "suspended relevant parties" for violating policies as the issue created a firestorm on China's social media. According to the woman, the client kissed her and after consuming alcohol she reportedly woke up the next day without her clothes and no memory of what had happened.

The woman alleged that her boss had forced her to go to Jinan on a business trip with him while revealing that CCTV footage she had got from the hotel showed her boss had entered the room four times in the evening.

The woman said that the HR department of the company did not fire her boss despite lodging a complaint after initially agreeing. Reports say Alibaba CEO Daniel Zhang promised strong action asserting that "starting from me, starting from management, starting from human resources, everyone at Alibaba must empathize, reflect, and take action."

The company said it had placed the HR personnel including those related to the incident under suspension.

Earlier, China's superstar Kris Wu was detained over sexual assault allegations in a boost to #MeToo movement in the country.&nbsp;

(With inputs from Agencies)

China's retail giant Alibaba has fired a manager who allegedly sexually assaulted a woman employee. The company said it will establish policies to prevent sexual harassment.

China's retail giant Alibaba has fired a manager who allegedly sexually assaulted a woman employee. The company said it will establish policies to prevent sexual harassment. Alibaba said the manager has been fired and will never be rehired as a police investigation was launched into the incident. "Alibaba Group has a zero-tolerance policy against sexual misconduct," the company asserted. Earlier, a woman over the weekend had posted a long PDF document alleging she was sexually assaulted by her boss and a client. The post went viral on China's microblogging website Weibo as police took up the investigation in China's Jinan city. Alibaba said it had "suspended relevant parties" for violating policies as the issue created a firestorm on China's social media. According to the woman, the client kissed her and after consuming alcohol she reportedly woke up the next day without her clothes and no memory of what had happened. The woman alleged that her boss had forced her to go to Jinan on a business trip with him while revealing that CCTV footage she had got from the hotel showed her boss had entered the room four times in the evening. The woman said that the HR department of the company did not fire her boss despite lodging a complaint after initially agreeing. Reports say Alibaba CEO Daniel Zhang promised strong action asserting that "starting from me, starting from management, starting from human resources, everyone at Alibaba must empathize, reflect, and take action." The company said it had placed the HR personnel including those related to the incident under suspension. Earlier, China's superstar Kris Wu was detained over sexual assault allegations in a boost to #MeToo movement in the country. (With inputs from Agencies)

China's Alibaba fires manager accused of sexually assaulting employee as social media explodes

Most of us wear blue jeans on a regular basis without giving a second thought. However, years ago, blue jeans was a symbol of freedom.

It penetrated the Soviet Union's iron curtain and in many ways, denim mobilised people in a closed communist country.

Watch |&nbsp;

<div class="videoWrapper trancodeVideo"><iframe allowfullscreen="" autoplay="1" class="includeVideo" frameborder="0" height="350" src="https://www.wionews.com/videos/gravitas-china-takes-on-homegrown-internet-titans-381522/embed" style="width:100%;max-width:560px;" width="560"></iframe></div>

The story comes into relevance now as another communist nation is facing its blue jeans moment and it is responding with ruthlessness.

In this case, the soviet union is a metaphor for China and the blue jeans are symbolic for big tech giants.

For years, Beijing indulged companies such as Alibaba, Tencent, and Baidu. They were advertised as Chinese success stories and companies that could compete with their western rivals, but now all of a sudden they are public enemy number one.

What changed?

Chinese tech giants became too big for their own good. Their influence over the Chinese middle class expanded and their CEOs became celebrities. They were inviting Hollywood stars to corporate events.

However, in China, there is only one alpha —the communist party.

Beijing wanted to cultivate these tech companies as extended arms of the state. However, when things moved in the opposite direction, they cracked down and the first victim was Alibaba.

Alibaba

Its owner, Jack Ma, made a cardinal sin last year as he criticised Chinese regulators. The response was swift. Beijing blocked the IPO of Jack Ma's Ant group. The company was asked to restructure itself as a financial holding company — meaning China's central bank will now oversee the Ant group.

Then, earlier this month, they imposed a record fine on Alibaba. The company had to pay $2.75 billion. Usually, firms contest such penalties and call them unfair and steep. However, Alibaba did neither. They accepted the fine and moved on.

Tencent

A tech giant valued at $776 billion dollars, reports claim China is preparing a substantial fine for Tencent —almost $1.54 billion dollars (10 billion yuan).

The charges range from not reporting acquisitions to anti-competitive practices.

There is no arithmetic logic to the high value of the fine because as per China, the fine must be high enough to set an example. For Alibaba, it was $2.75 billion and for Tencent,&nbsp;it is $1.54 billion.

What's unfolding in China is a battle for influence. This is a country that is built around a single party. The party decides what you eat, what you wear and how you live. It is used to having unlimited control over people's lives.

However, this changed with the arrival of big tech companies that created an alternative world for the Chinese and introduced people to social media, e-commerce, and internet gaming.

As it turned out, this virtual world was a lot more egalitarian and the Chinese citizens loved it, as opposed to their government.

This issue basically boils down to insecurity. The communist party is insecure about the virtual world as it wants to dominate public life once again and the strategy it has chosen is to villainise tech giants.

China’s plans seem to be working, till now, as earlier this month more than 30 Chinese tech companies made a pledge of allegiance to Beijing. They promised to reform themselves and fall in line.

The tech giants are scared of the party because in China politics and economics are two sides of the same coin and this coin is minted by the communist party.

Bringing back the example of blue jeans, if you go to Russia today, everyone is wearing blue jeans because freedom is intoxicating.

Thanks to tech giants, the Chinese people have seen what a free world looks like. So, Beijing is pushing back and it is the most ironic push back ever. A party that has monopolised politics wants to break up monopolies.

A party that snoops on its citizens wants companies to turn off the tracker and a party that rubbishes international laws wants companies to respect regulations. It is the hypocrisy of the highest order.

Most of us wear blue jeans on a regular basis without giving a second thought. However, years ago, blue jeans was a symbol of freedom. It penetrated the Soviet Union's iron curtain and in many ways, denim mobilised people in a closed communist country.

Most of us wear blue jeans on a regular basis without giving a second thought. However, years ago, blue jeans was a symbol of freedom. It penetrated the Soviet Union's iron curtain and in many ways, denim mobilised people in a closed communist country. Watch | The story comes into relevance now as another communist nation is facing its blue jeans moment and it is responding with ruthlessness. In this case, the soviet union is a metaphor for China and the blue jeans are symbolic for big tech giants. For years, Beijing indulged companies such as Alibaba, Tencent, and Baidu. They were advertised as Chinese success stories and companies that could compete with their western rivals, but now all of a sudden they are public enemy number one. What changed? Chinese tech giants became too big for their own good. Their influence over the Chinese middle class expanded and their CEOs became celebrities. They were inviting Hollywood stars to corporate events. However, in China, there is only one alpha —the communist party. Beijing wanted to cultivate these tech companies as extended arms of the state. However, when things moved in the opposite direction, they cracked down and the first victim was Alibaba. Alibaba Its owner, Jack Ma, made a cardinal sin last year as he criticised Chinese regulators. The response was swift. Beijing blocked the IPO of Jack Ma's Ant group. The company was asked to restructure itself as a financial holding company — meaning China's central bank will now oversee the Ant group. Then, earlier this month, they imposed a record fine on Alibaba. The company had to pay $2.75 billion. Usually, firms contest such penalties and call them unfair and steep. However, Alibaba did neither. They accepted the fine and moved on. Tencent A tech giant valued at $776 billion dollars, reports claim China is preparing a substantial fine for Tencent —almost $1.54 billion dollars (10 billion yuan). The charges range from not reporting acquisitions to anti-competitive practices. There is no arithmetic logic to the high value of the fine because as per China, the fine must be high enough to set an example. For Alibaba, it was $2.75 billion and for Tencent, it is $1.54 billion. What's unfolding in China is a battle for influence. This is a country that is built around a single party. The party decides what you eat, what you wear and how you live. It is used to having unlimited control over people's lives. However, this changed with the arrival of big tech companies that created an alternative world for the Chinese and introduced people to social media, e-commerce, and internet gaming. As it turned out, this virtual world was a lot more egalitarian and the Chinese citizens loved it, as opposed to their government. This issue basically boils down to insecurity. The communist party is insecure about the virtual world as it wants to dominate public life once again and the strategy it has chosen is to villainise tech giants. China’s plans seem to be working, till now, as earlier this month more than 30 Chinese tech companies made a pledge of allegiance to Beijing. They promised to reform themselves and fall in line. The tech giants are scared of the party because in China politics and economics are two sides of the same coin and this coin is minted by the communist party. Bringing back the example of blue jeans, if you go to Russia today, everyone is wearing blue jeans because freedom is intoxicating. Thanks to tech giants, the Chinese people have seen what a free world looks like. So, Beijing is pushing back and it is the most ironic push back ever. A party that has monopolised politics wants to break up monopolies. A party that snoops on its citizens wants companies to turn off the tracker and a party that rubbishes international laws wants companies to respect regulations. It is the hypocrisy of the highest order.

As tech giants introduce people to freedom, China rushes to impose fine

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