More than 20 Chinese tech giants have made a public pact to abide by anti-monopoly guidelines, after regulators told them to note "the warning" of a record fine against e-commerce giant Alibaba.

Beijing is taking China's tech firms to task to curtail the reach of private companies into the daily finances of the Chinese public,&nbsp;and, analysts say, to rein in their runaway expansion.&nbsp;

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In a series of individual statements published by China's market regulator on Wednesday and Thursday, some of the country's biggest brands,&nbsp;including ByteDance, Baidu and CTrip,&nbsp;promised to "ensure fair competition", "not abuse market dominance", and "not implement unfair price behaviour".

The oaths come after regulators summoned 34 tech companies on Tuesday and warned them to "rectify" any anti-competitive measures and "heed the warning of Alibaba's case".

The firms were given one month to undergo complete rectification after conducting internal checks, and to correct practices that harmed competition.

Ride-hailing service Didi, video platforms Kuaishou and Bilibili, as well as e-commerce firm JD.com are also among those who have since published commitments.

JD.com said it would not force the practice of "choosing one of two" on its retailers,&nbsp;where merchants are compelled to work only with one platform and not its rivals -- a move which Alibaba had come under fire for.

Meanwhile, in its statement, Didi pledged: "Except where necessary for regular business activities, we will not illegally collect or misuse personal information."&nbsp;

The next front in Beijing's assault on big tech could be the huge volumes of data they scoop up from China's consumers.

On Saturday, regulators hit Alibaba with a $2.78 billion penalty, after a months-long investigation found it had been abusing its dominant market position.

Alibaba and JD.com, along with messaging and gaming giant Tencent, have become hugely profitable on the back of growing Chinese digital lifestyles and government restrictions on major US competitors in the domestic market.

But as the platforms amassed hundreds of millions of regular users, concern has risen over their influence in China, where they are used for a huge array of daily tasks.

(With input from agencies)

More than 20 Chinese tech giants have made a public pact to abide by anti-monopoly guidelines, after regulators told them to note "the warning" of a record fine against e-commerce giant Alibaba.

More than 20 Chinese tech giants have made a public pact to abide by anti-monopoly guidelines, after regulators told them to note "the warning" of a record fine against e-commerce giant Alibaba. Beijing is taking China's tech firms to task to curtail the reach of private companies into the daily finances of the Chinese public, and, analysts say, to rein in their runaway expansion. In a series of individual statements published by China's market regulator on Wednesday and Thursday, some of the country's biggest brands, including ByteDance, Baidu and CTrip, promised to "ensure fair competition", "not abuse market dominance", and "not implement unfair price behaviour". The oaths come after regulators summoned 34 tech companies on Tuesday and warned them to "rectify" any anti-competitive measures and "heed the warning of Alibaba's case". The firms were given one month to undergo complete rectification after conducting internal checks, and to correct practices that harmed competition. Ride-hailing service Didi, video platforms Kuaishou and Bilibili, as well as e-commerce firm JD.com are also among those who have since published commitments. JD.com said it would not force the practice of "choosing one of two" on its retailers, where merchants are compelled to work only with one platform and not its rivals -- a move which Alibaba had come under fire for. Meanwhile, in its statement, Didi pledged: "Except where necessary for regular business activities, we will not illegally collect or misuse personal information." The next front in Beijing's assault on big tech could be the huge volumes of data they scoop up from China's consumers. On Saturday, regulators hit Alibaba with a $2.78 billion penalty, after a months-long investigation found it had been abusing its dominant market position. Alibaba and JD.com, along with messaging and gaming giant Tencent, have become hugely profitable on the back of growing Chinese digital lifestyles and government restrictions on major US competitors in the domestic market. But as the platforms amassed hundreds of millions of regular users, concern has risen over their influence in China, where they are used for a huge array of daily tasks. (With input from agencies)

Over 20 Chinese tech giants make public pact to abide by anti-monopoly guidelines

Chinese regulators have warned 34 technology giants, including Baidu and Tencent, to 'rectify' any anti-competitive measures, a statement said on Tuesday, days after e-commerce giant Alibaba was fined nearly $2.8 billion for abusing its dominant market position.&nbsp;

The move suggests Beijing's scrutiny of its most powerful tech firms is far from over, with regulators warning they will continue to eradicate monopoly practices and telling internet companies to 'heed the warning of Alibaba's case’.&nbsp;

Companies summoned by the regulator include internet giants Baidu, Tencent and ByteDance, the owner of TikTok.&nbsp;

The 34 firms have been given one month to undergo 'complete rectification' after conducting internal checks and inspections, the statement said, and to correct any practices which 'harms competition’.&nbsp;

Unfair competition "hinders innovation and development, and harms the interests of operators and consumers," the statement said, telling the companies to give 'priority to national interests'.&nbsp;

The meeting was organised jointly by the antitrust watchdog with the cyberspace and tax regulators.&nbsp;

Bloomberg Intelligence senior analyst Vey-Sern Ling said the move was "positive because (regulators are) giving the platform one month to review their practices, rather than dish out fines and penalties without warning."&nbsp;

"They are using Alibaba as an example to deter misbehaviour from the rest of the industry players."&nbsp;

Alibaba was hit with a $2.78 billion fine on Saturday after a months-long probe.&nbsp;

The statement also came a day after fintech firm Ant Group announced it would comply with an overhaul outlined by regulators and become a financial holding company, meaning in the future it will be supervised more like a bank.&nbsp;

Tech giants like Alibaba, JD.com and Tencent became hugely profitable on the back of growing Chinese digital lifestyles, relatively lax legislation and the government's 'great firewall', which bans some major US competitors.&nbsp;

But Beijing has been getting tougher on the sector in recent months over allegations of anti-competitive behaviour and misuse of consumer data.&nbsp;

(With inputs from agencies)&nbsp;

Chinese regulators have warned 34 technology giants, including Baidu and Tencent, to 'rectify' any anti-competitive measures, a statement said on Tuesday, days after e-commerce giant Alibaba was fined nearly $2.

Chinese regulators have warned 34 technology giants, including Baidu and Tencent, to 'rectify' any anti-competitive measures, a statement said on Tuesday, days after e-commerce giant Alibaba was fined nearly $2.8 billion for abusing its dominant market position. The move suggests Beijing's scrutiny of its most powerful tech firms is far from over, with regulators warning they will continue to eradicate monopoly practices and telling internet companies to 'heed the warning of Alibaba's case’. Companies summoned by the regulator include internet giants Baidu, Tencent and ByteDance, the owner of TikTok. The 34 firms have been given one month to undergo 'complete rectification' after conducting internal checks and inspections, the statement said, and to correct any practices which 'harms competition’. Unfair competition "hinders innovation and development, and harms the interests of operators and consumers," the statement said, telling the companies to give 'priority to national interests'. The meeting was organised jointly by the antitrust watchdog with the cyberspace and tax regulators. Bloomberg Intelligence senior analyst Vey-Sern Ling said the move was "positive because (regulators are) giving the platform one month to review their practices, rather than dish out fines and penalties without warning." "They are using Alibaba as an example to deter misbehaviour from the rest of the industry players." Alibaba was hit with a $2.78 billion fine on Saturday after a months-long probe. The statement also came a day after fintech firm Ant Group announced it would comply with an overhaul outlined by regulators and become a financial holding company, meaning in the future it will be supervised more like a bank. Tech giants like Alibaba, JD.com and Tencent became hugely profitable on the back of growing Chinese digital lifestyles, relatively lax legislation and the government's 'great firewall', which bans some major US competitors. But Beijing has been getting tougher on the sector in recent months over allegations of anti-competitive behaviour and misuse of consumer data. (With inputs from agencies)

China warns 34 tech firms to 'rectify' any anti-competitive measures after record Alibaba fine

Chinese technology giant Alibaba said on Monday that it has accepted the penalty and "will ensure its compliance with determination".

Alibaba&nbsp;executive vice-chairman Joe Tsai said&nbsp;that other than a review of the company's mergers and acquisitions, which the company's peers also face, it does not expect further investigation from the antitrust regulator.

"We are pleased we can put this matter behind us," he said.

Also read|&nbsp;<a href="https://www.wionews.com/world/china-fines-alibaba-record-275-billion-for-anti-monopoly-violations-376566">China fines&nbsp;Alibaba&nbsp;record $2.75 billion for anti-monopoly violations</a>

Tsai added the company "doesn't rely on exclusivity" to retain its merchants, adding such exclusivity arrangements in the past only covered a small number of Tmall flagship stores.

Alibaba&nbsp;and its peers remain under review for mergers and acquisitions from the market regulator, Tsai told the briefing, adding he was not aware of any other anti-monopoly-related investigations.

The fine is more than double the $975 million paid in China by Qualcomm, the world's biggest supplier of mobile phone chips, in 2015 for anticompetitive practices.

China's&nbsp;Alibaba&nbsp;does not expect any material impact from changes to its exclusivity arrangements with merchants, CEO Daniel Zhang said on Monday, after regulators fined the e-commerce giant a record $2.75 billion for abusing its market dominance.

Shares in&nbsp;Alibaba&nbsp;Group Holdings Ltd rose as much as 9% in Hong Kong trade as a key source of uncertainty for the company was removed, and on relief the fine and steps ordered were not more onerous.

Alibaba&nbsp;has come under intense scrutiny since billionaire founder Jack Ma's public criticism of the Chinese regulatory system in October.

The company will introduce measures to lower entry barriers and business costs faced by merchants on its platforms, Zhang told an online conference for media and analysts.

Alibaba&nbsp;executives said despite Saturday's record 18 billion yuan ($2.75 billion) fine and measures ordered by regulators, they remain confident in the government's overall support of the company.

"They are affirming our business model," said&nbsp;Alibaba&nbsp;executive vice chairman Joe Tsai. "We feel comfortable that there's nothing wrong with our fundamental business model as a platform company."

Shares bounce

Markets reacted positively, with shares jumping by the most since July last year.

"Now the penalty is determined, the market's uncertainty about&nbsp;Alibaba&nbsp;will be reduced," Everbright Sun Hung Kai analyst Kenny Ng said. "Alibaba's stock price has lagged behind the overall emerging economy stocks for some time in the past. The implementation of this penalty is expected to allow&nbsp;Alibaba's stock price to regain market attention."

Aside from imposing the fine, among the highest ever antitrust penalties globally, the State Administration for Market Regulation (SAMR) ordered&nbsp;Alibaba&nbsp;to make "thorough rectifications" to strengthen internal compliance and protect consumer rights.

"The required corrective measures will likely limit&nbsp;Alibaba's revenue growth as a further expansion in market share will be constrained," said Lina Choi, Senior Vice President at Moody’s Investors Service. "Investments to retain merchants and upgrade products and services will also reduce its profit margins."

SAMR said it had determined&nbsp;Alibaba, which is also listed in New York, had prevented its merchants from using other online e-commerce platforms since 2015.

The practice, which the SAMR has previously spelt out as illegal, violates China's antimonopoly law by hindering the free circulation of goods and infringing on the business interests of merchants, the regulator said.

The probe comes as China bolsters SAMR with extra staff and a wider jurisdiction amid a crackdown on technology conglomerates, signalling a new era after years of laissez-faire approach.

The agency has taken aim recently at China's large tech giants in particular, mirroring increased scrutiny of the sector in the United States and Europe.

Chinese technology giant Alibaba said on Monday that it has accepted the penalty and "will ensure its compliance with determination". Alibaba executive vice-chairman Joe Tsai said that other than a review of the company's mergers and acquisitions, which the company's peers also face, it does not expect further investigation from the antitrust regulator.

Chinese technology giant Alibaba said on Monday that it has accepted the penalty and "will ensure its compliance with determination". Alibaba executive vice-chairman Joe Tsai said that other than a review of the company's mergers and acquisitions, which the company's peers also face, it does not expect further investigation from the antitrust regulator. "We are pleased we can put this matter behind us," he said. Also read| China fines Alibaba record $2.75 billion for anti-monopoly violations Tsai added the company "doesn't rely on exclusivity" to retain its merchants, adding such exclusivity arrangements in the past only covered a small number of Tmall flagship stores. Alibaba and its peers remain under review for mergers and acquisitions from the market regulator, Tsai told the briefing, adding he was not aware of any other anti-monopoly-related investigations. The fine is more than double the $975 million paid in China by Qualcomm, the world's biggest supplier of mobile phone chips, in 2015 for anticompetitive practices. China's Alibaba does not expect any material impact from changes to its exclusivity arrangements with merchants, CEO Daniel Zhang said on Monday, after regulators fined the e-commerce giant a record $2.75 billion for abusing its market dominance. Shares in Alibaba Group Holdings Ltd rose as much as 9% in Hong Kong trade as a key source of uncertainty for the company was removed, and on relief the fine and steps ordered were not more onerous. Alibaba has come under intense scrutiny since billionaire founder Jack Ma's public criticism of the Chinese regulatory system in October. The company will introduce measures to lower entry barriers and business costs faced by merchants on its platforms, Zhang told an online conference for media and analysts. Alibaba executives said despite Saturday's record 18 billion yuan ($2.75 billion) fine and measures ordered by regulators, they remain confident in the government's overall support of the company. "They are affirming our business model," said Alibaba executive vice chairman Joe Tsai. "We feel comfortable that there's nothing wrong with our fundamental business model as a platform company." Shares bounce Markets reacted positively, with shares jumping by the most since July last year. "Now the penalty is determined, the market's uncertainty about Alibaba will be reduced," Everbright Sun Hung Kai analyst Kenny Ng said. "Alibaba's stock price has lagged behind the overall emerging economy stocks for some time in the past. The implementation of this penalty is expected to allow Alibaba's stock price to regain market attention." Aside from imposing the fine, among the highest ever antitrust penalties globally, the State Administration for Market Regulation (SAMR) ordered Alibaba to make "thorough rectifications" to strengthen internal compliance and protect consumer rights. "The required corrective measures will likely limit Alibaba's revenue growth as a further expansion in market share will be constrained," said Lina Choi, Senior Vice President at Moody’s Investors Service. "Investments to retain merchants and upgrade products and services will also reduce its profit margins." SAMR said it had determined Alibaba, which is also listed in New York, had prevented its merchants from using other online e-commerce platforms since 2015. The practice, which the SAMR has previously spelt out as illegal, violates China's antimonopoly law by hindering the free circulation of goods and infringing on the business interests of merchants, the regulator said. The probe comes as China bolsters SAMR with extra staff and a wider jurisdiction amid a crackdown on technology conglomerates, signalling a new era after years of laissez-faire approach. The agency has taken aim recently at China's large tech giants in particular, mirroring increased scrutiny of the sector in the United States and Europe.

Chinese tech giant Alibaba accepts record China fine, vows to change

China on Saturday imposed a record 18 billion yuan (USD 2.75 billion) fine on Alibaba amid a crackdown on technology conglomerates, signalling a new era after years of laissez-faire approach.

Alibaba says to lower entry barriers after record antitrust fine

Chinese regulators have fined Alibaba Group Holding Ltd 18 billion yuan ($2.75 billion) for violating anti-monopoly rules and abusing its dominant market position, marking the highest-ever antitrust fine to be imposed in the country.&nbsp;

The penalty, equivalent to around 4% of Alibaba's revenues in 2019, comes amid an unprecedented regulatory crackdown on the home-grown technology conglomerates in the last few months that have weighed on company shares.&nbsp;

Alibaba's billionaire founder Jack Ma's business empire has been particularly put under intense scrutiny after his stinging criticism of China's regulatory system in late October.&nbsp;

In late December, China's State Administration for Market Regulation (SAMR) announced it launched an antitrust probe into the company. That came after authorities halted a planned $37 billion IPO from Ant Group, Alibaba's internet finance arm.&nbsp;

SAMR said on Saturday that after an investigation launched in December, it had determined that Alibaba had been 'abusing market dominance' since 2015 by preventing its merchants from using other online e-commerce platforms.&nbsp;

It said the practice violates China's anti-monopoly law by hindering the free circulation of goods and infringing on the business interests of merchants. &nbsp;

The SAMR ordered Alibaba to make ‘thorough rectifications' to strengthen internal compliance and protect consumer rights.&nbsp;

"This penalty will be viewed as a closure to the anti-monopoly case for now by the market. It's indeed the highest profile anti-monopoly case in China," said Hong Hao, head of research BOCOM International in Hong Kong.&nbsp;

"The market has been anticipating some sort of penalty for some time ... but people need to pay attention to the measures beyond the anti-monopoly investigation, such as the divestment of media assets."&nbsp;

Alibaba said in a statement posted on its official Weibo account that it 'accepted' the decision and would resolutely implement SAMR's rulings. It said it would also work to improve corporate compliance.&nbsp;

(With inputs from agencies)&nbsp;

Chinese regulators have fined Alibaba Group Holding Ltd 18 billion yuan ($2.75 billion) for violating anti-monopoly rules and abusing its dominant market position, marking the highest-ever antitrust fine to be imposed in the country.

Chinese regulators have fined Alibaba Group Holding Ltd 18 billion yuan ($2.75 billion) for violating anti-monopoly rules and abusing its dominant market position, marking the highest-ever antitrust fine to be imposed in the country. The penalty, equivalent to around 4% of Alibaba's revenues in 2019, comes amid an unprecedented regulatory crackdown on the home-grown technology conglomerates in the last few months that have weighed on company shares. Alibaba's billionaire founder Jack Ma's business empire has been particularly put under intense scrutiny after his stinging criticism of China's regulatory system in late October. In late December, China's State Administration for Market Regulation (SAMR) announced it launched an antitrust probe into the company. That came after authorities halted a planned $37 billion IPO from Ant Group, Alibaba's internet finance arm. SAMR said on Saturday that after an investigation launched in December, it had determined that Alibaba had been 'abusing market dominance' since 2015 by preventing its merchants from using other online e-commerce platforms. It said the practice violates China's anti-monopoly law by hindering the free circulation of goods and infringing on the business interests of merchants. The SAMR ordered Alibaba to make ‘thorough rectifications' to strengthen internal compliance and protect consumer rights. "This penalty will be viewed as a closure to the anti-monopoly case for now by the market. It's indeed the highest profile anti-monopoly case in China," said Hong Hao, head of research BOCOM International in Hong Kong. "The market has been anticipating some sort of penalty for some time ... but people need to pay attention to the measures beyond the anti-monopoly investigation, such as the divestment of media assets." Alibaba said in a statement posted on its official Weibo account that it 'accepted' the decision and would resolutely implement SAMR's rulings. It said it would also work to improve corporate compliance. (With inputs from agencies)

China fines Alibaba record $2.75 billion for anti-monopoly violations 

Chinese e-commerce platforms are selling t-shirts, umbrellas, handbags, lighters and mobile phone cases bearing phrases used by the country's top diplomat during a testy exchange with US officials in Alaska.

Yang Jiechi blasted US foreign and trade policies, and democracy in the United State in a 15-minute riposte to pointed remarks by US Secretary of State Antony Blinken during their meeting on Thursday.

Also read|&nbsp;<a href="https://www.wionews.com/world/sensed-strong-smell-of-gunpowder-in-us-talks-says-china-371685">Sensed strong smell of gunpowder in US talks, says China</a>

The run-up to the talks in Anchorage, Alaska, which followed visits by US&nbsp;officials to allies Japan and South Korea, was marked by a flurry of moves by Washington that showed it was taking a tough stance, and by a blunt talk from Beijing.

Secretary of State Antony Blinken and Chinese Communist Party foreign affairs chief Yang Jiechi took aim at each other's country's policies on Thursday in their meeting in Anchorage.

The phrases "Chinese people won't swallow this"， "US has no qualification to talk down to China", and "Stop interfering in China's internal affairs" have begun appearing on merchandise sold on Chinese platforms including Alibaba's, Taobao, JD.com and Pinduoduo.

"I love my country, so I must support patriotism," a t-shirt seller said on social media platform Weibo.

According to data on Taobao.com, hundreds of people have bought t-shirts printed with Yang's messages for Blinken at prices ranging from 30 yuan ($4.61) to 60 yuan.

Phone cases, with Yang's words, are sold at prices ranging from 12 yuan to 40 yuan on Taobao.

Most netizens on China's Twitter-like microblog Weibo said they are keen to buy, with one calling it a "real patriotic business".

China's social media carried comments praising the way Chinese officials handled their first face-to-face meetings with officials from President Joe Biden's administration.

Washington had described the talks as "tough and direct", while the Chinese delegation said they were timely and helpful.

Chinese e-commerce platforms are selling t-shirts, umbrellas, handbags, lighters and mobile phone cases bearing phrases used by the country's top diplomat during a testy exchange with US officials in Alaska.

Chinese e-commerce platforms are selling t-shirts, umbrellas, handbags, lighters and mobile phone cases bearing phrases used by the country's top diplomat during a testy exchange with US officials in Alaska. Yang Jiechi blasted US foreign and trade policies, and democracy in the United State in a 15-minute riposte to pointed remarks by US Secretary of State Antony Blinken during their meeting on Thursday. Also read| Sensed strong smell of gunpowder in US talks, says China The run-up to the talks in Anchorage, Alaska, which followed visits by US officials to allies Japan and South Korea, was marked by a flurry of moves by Washington that showed it was taking a tough stance, and by a blunt talk from Beijing. Secretary of State Antony Blinken and Chinese Communist Party foreign affairs chief Yang Jiechi took aim at each other's country's policies on Thursday in their meeting in Anchorage. The phrases "Chinese people won't swallow this"， "US has no qualification to talk down to China", and "Stop interfering in China's internal affairs" have begun appearing on merchandise sold on Chinese platforms including Alibaba's, Taobao, JD.com and Pinduoduo. "I love my country, so I must support patriotism," a t-shirt seller said on social media platform Weibo. According to data on Taobao.com, hundreds of people have bought t-shirts printed with Yang's messages for Blinken at prices ranging from 30 yuan ($4.61) to 60 yuan. Phone cases, with Yang's words, are sold at prices ranging from 12 yuan to 40 yuan on Taobao. Most netizens on China's Twitter-like microblog Weibo said they are keen to buy, with one calling it a "real patriotic business". China's social media carried comments praising the way Chinese officials handled their first face-to-face meetings with officials from President Joe Biden's administration. Washington had described the talks as "tough and direct", while the Chinese delegation said they were timely and helpful.

Chinese e-commerce platforms selling accessories of testy exchange with US officials in Alaska

Chinese regulators have fined 12 companies. A report claims Alibaba is being asked to sell its media assets. Brands like BMW and Kohler are being criticised for using facial recognition technology. WION's Palki Sharma tells you more about China's big business crackdown.

Gravitas: Big business faces a crackdown in China

China is considering imposing a record fine of nearly $1 billion on e-commerce giant Alibaba for allegedly flouting monopoly rules, according to a report, as authorities continue to put the screws on the firm as part of a crackdown on the technology sector.

The penalty could top the $975 million paid by US chipmaker Qualcomm in 2015 — the biggest known for anticompetitive practices in China -- the Wall Street Journal report said, citing unnamed "people with knowledge of the matter".

Antitrust regulators in charge of Alibaba's case did not immediately respond to AFP queries on the report, which was published by the Journal late Thursday.

The company, China's largest online shopping portal, has been in the crosshairs of authorities in recent months over concerns of its reach into the daily finances of ordinary Chinese people.

But its legal troubles began after comments in October last year by billionaire founder Jack Ma in which he laid into China's convoluted regulatory system.

In November, financial regulators pulled the plug on the record $35 billion Hong Kong-Shanghai initial public offering of Alibaba's online payment subsidiary Ant Group.

A month later, officials opened an investigation into Alibaba's business practices, deemed anti-competitive, and Ma disappeared from public view until mid-January.

The company based in the eastern city of Hangzhou said it was "fully cooperating" with the investigation by the State Administration for Market Regulation last month.

Regulators are also investigating whether the conglomerate should divest assets unrelated to its main online retail business, the Journal reported without offering details.

An Alibaba spokesperson declined to comment on the report when contacted by AFP.

The company has come under fire in the past for allegedly forbidding its merchants from listing on rival e-commerce platforms.

Once finalised, measures against Alibaba will need to be approved by China's top leadership.

The squeeze on one of China's most influential companies is the latest sign that the leadership is ready to deflate the ambitions of big tech firms in a runaway internet sector.

China is considering imposing a record fine of nearly $1 billion on e-commerce giant Alibaba for allegedly flouting monopoly rules, according to a report, as authorities continue to put the screws on the firm as part of a crackdown on the technology sector.

China is considering imposing a record fine of nearly $1 billion on e-commerce giant Alibaba for allegedly flouting monopoly rules, according to a report, as authorities continue to put the screws on the firm as part of a crackdown on the technology sector. The penalty could top the $975 million paid by US chipmaker Qualcomm in 2015 — the biggest known for anticompetitive practices in China -- the Wall Street Journal report said, citing unnamed "people with knowledge of the matter". Antitrust regulators in charge of Alibaba's case did not immediately respond to AFP queries on the report, which was published by the Journal late Thursday. The company, China's largest online shopping portal, has been in the crosshairs of authorities in recent months over concerns of its reach into the daily finances of ordinary Chinese people. But its legal troubles began after comments in October last year by billionaire founder Jack Ma in which he laid into China's convoluted regulatory system. In November, financial regulators pulled the plug on the record $35 billion Hong Kong-Shanghai initial public offering of Alibaba's online payment subsidiary Ant Group. A month later, officials opened an investigation into Alibaba's business practices, deemed anti-competitive, and Ma disappeared from public view until mid-January. The company based in the eastern city of Hangzhou said it was "fully cooperating" with the investigation by the State Administration for Market Regulation last month. Regulators are also investigating whether the conglomerate should divest assets unrelated to its main online retail business, the Journal reported without offering details. An Alibaba spokesperson declined to comment on the report when contacted by AFP. The company has come under fire in the past for allegedly forbidding its merchants from listing on rival e-commerce platforms. Once finalised, measures against Alibaba will need to be approved by China's top leadership. The squeeze on one of China's most influential companies is the latest sign that the leadership is ready to deflate the ambitions of big tech firms in a runaway internet sector.

China eyes record monopoly fine near $1 billion for Alibaba: Report

South Korean e-commerce giant Coupang has raised $4.2 billion in its initial public offering that makes it the biggest listing in the United States so far this year.

The Seoul-based firm is backed by SoftBank Group was valued at around $109 billion in its market debut on Thursday.

Coupang's stock soared 81 per cent to open at $63.50. The company had priced 130 million shares sold in the IPO at $35 per share, higher than the marketing range $32-$34 per share, giving the Seoul-headquartered e-commerce giant a market value of $60 billion.

The blockbuster listing,&nbsp;the biggest in New York since Alibaba's US record $25 billion offering in 2014,&nbsp;will make an overnight billionaire of founder Kim Bom-suk, with the 42-year-old CEO's 10 per cent holding worth around $6 billion.&nbsp;

Founded in 2010, Coupang rose to prominence after launching its guaranteed same-day or next-day delivery service in the East Asian country. SoftBank's $100 billion Vision Fund owns 35.1 per cent of Coupang.

Coupang's spectacular debut further bolsters the recent fortunes of the Vision Fund, which is bouncing back from an annual loss last March. Last month, it announced record quarterly profit.

Coupang operates an online marketplace that sells everything from fresh groceries to toys, as well as food delivery app Coupang Eats.

"We're laser focused on our home market," Kim said in an interview. "We're going to invest in 50,000 more jobs and billions of dollars more in not only the infrastructure, but the unique end to end technology that powers all of those services."

In 2020, Coupang's net sales jumped 91 per cent year-on-year to $11 billion. Net losses narrowed to $567.6 million from $770.2 million posted in the prior year.

Coupang's successful share offering comes as the US IPO market is at its strongest in more than two decades and investors are flocking to buy shares in technology companies that have benefited during the COVID-19 pandemic.

The IPO is the biggest in the United States this year, surpassing the $2.15 billion raised by dating app Bumble Inc. It also marks a jump in Coupang's valuation, which was pegged at $9 billion in a fundraising round in 2018, according to Pitchbook.

Analysts in South Korea said the strong response to Coupang's offering was a result of its market-leader position in the country at a time when, like many other e-commerce firms, its sales have grown due to the COVID-19 pandemic.

"Considering the high level of valuation inherent in the pricing, the market is giving a generous assessment of the company's achieving the top spot in market share," said Park Sang-joon, analyst at Kiwoom Securities.

Coupang was the top-ranked South Korean e-commerce firm in 2020 with 19.2 per cent market share, according to Euromonitor, compared to Naver Corp's 13.6 per cent and eBay Korea's 12.8 per cent. It was the 10th largest e-commerce firm in the world, based on retail value excluding sales tax.

Goldman Sachs, Allen &amp; Co, JPMorgan and Citigroup are the lead underwriters for the offering.

South Korean e-commerce giant Coupang has raised $4.2 billion in its initial public offering that makes it the biggest listing in the United States so far this year.

South Korean e-commerce giant Coupang has raised $4.2 billion in its initial public offering that makes it the biggest listing in the United States so far this year. The Seoul-based firm is backed by SoftBank Group was valued at around $109 billion in its market debut on Thursday. Coupang's stock soared 81 per cent to open at $63.50. The company had priced 130 million shares sold in the IPO at $35 per share, higher than the marketing range $32-$34 per share, giving the Seoul-headquartered e-commerce giant a market value of $60 billion. The blockbuster listing, the biggest in New York since Alibaba's US record $25 billion offering in 2014, will make an overnight billionaire of founder Kim Bom-suk, with the 42-year-old CEO's 10 per cent holding worth around $6 billion. Founded in 2010, Coupang rose to prominence after launching its guaranteed same-day or next-day delivery service in the East Asian country. SoftBank's $100 billion Vision Fund owns 35.1 per cent of Coupang. Coupang's spectacular debut further bolsters the recent fortunes of the Vision Fund, which is bouncing back from an annual loss last March. Last month, it announced record quarterly profit. Coupang operates an online marketplace that sells everything from fresh groceries to toys, as well as food delivery app Coupang Eats. "We're laser focused on our home market," Kim said in an interview. "We're going to invest in 50,000 more jobs and billions of dollars more in not only the infrastructure, but the unique end to end technology that powers all of those services." In 2020, Coupang's net sales jumped 91 per cent year-on-year to $11 billion. Net losses narrowed to $567.6 million from $770.2 million posted in the prior year. Coupang's successful share offering comes as the US IPO market is at its strongest in more than two decades and investors are flocking to buy shares in technology companies that have benefited during the COVID-19 pandemic. The IPO is the biggest in the United States this year, surpassing the $2.15 billion raised by dating app Bumble Inc. It also marks a jump in Coupang's valuation, which was pegged at $9 billion in a fundraising round in 2018, according to Pitchbook. Analysts in South Korea said the strong response to Coupang's offering was a result of its market-leader position in the country at a time when, like many other e-commerce firms, its sales have grown due to the COVID-19 pandemic. "Considering the high level of valuation inherent in the pricing, the market is giving a generous assessment of the company's achieving the top spot in market share," said Park Sang-joon, analyst at Kiwoom Securities. Coupang was the top-ranked South Korean e-commerce firm in 2020 with 19.2 per cent market share, according to Euromonitor, compared to Naver Corp's 13.6 per cent and eBay Korea's 12.8 per cent. It was the 10th largest e-commerce firm in the world, based on retail value excluding sales tax. Goldman Sachs, Allen & Co, JPMorgan and Citigroup are the lead underwriters for the offering.

Coupang's IPO takes Harvard dropout into mega-billionaire club

A Chinese&nbsp;entrepreneur is selling a pensive statue of former US President Donald Trump sitting cross-legged and with his eyes closed in a zen position, draped in a robe, a pose associated with Buddha.

The Trump Buddha statue is being sold on a Chinese e-commerce platform called Zaobao, which is owned by the Alibaba group. The smaller size, which measures 1.6 metres tall is being sold for 999 Chinese Yuan or $150. While the bigger size is being sold for&nbsp;3,999 yuan or $610.

China's state-owned Global Times first&nbsp;reported on the product and spoke to the owner of the&nbsp;statue who is promoting the product with the slogan, “Make Your Company Great Again’’, a wordplay on Trump’s election slogan “Make America Great Again”.&nbsp;

Also read|&nbsp;<a href="https://www.wionews.com/world/now-trump-requests-mail-in-ballot-in-florida-369550">Now, Trump requests mail-in ballot in Florida</a>

The statue, with Trump’s hands folded in his laps, thumbs pointing outwards, is a pose from Buddhist art that signifies meditation and contemplation, something the 74-year-old has had more time for since leaving the White House in January for his Mar-a-Lago retreat in Florida.

China’s commercial websites have&nbsp;taken advantage of Trump to increase their&nbsp;profit. Previously, Taobao has offered an array of products, including toilet paper rolls with Trump’s face printed on them, a toilet brush shaped like Trump’s signature messy orange hair, and T-shirts printed with satirical cartoons of him.&nbsp;

Trump had&nbsp;made getting tough on China a key part of his campaign for re-election on November&nbsp;3.&nbsp;

The US-China relations soured during Trump's administration as he had&nbsp;vowed that in future his administration would prohibit federal contracts with companies that outsource to China and hold Beijing accountable for allowing the coronavirus, which began in China, to spread around the world.

A Chinese entrepreneur is selling a pensive statue of former US President Donald Trump sitting cross-legged and with his eyes closed in a zen position, draped in a robe, a pose associated with Buddha.

A Chinese entrepreneur is selling a pensive statue of former US President Donald Trump sitting cross-legged and with his eyes closed in a zen position, draped in a robe, a pose associated with Buddha. The Trump Buddha statue is being sold on a Chinese e-commerce platform called Zaobao, which is owned by the Alibaba group. The smaller size, which measures 1.6 metres tall is being sold for 999 Chinese Yuan or $150. While the bigger size is being sold for 3,999 yuan or $610. China's state-owned Global Times first reported on the product and spoke to the owner of the statue who is promoting the product with the slogan, “Make Your Company Great Again’’, a wordplay on Trump’s election slogan “Make America Great Again”. Also read| Now, Trump requests mail-in ballot in Florida The statue, with Trump’s hands folded in his laps, thumbs pointing outwards, is a pose from Buddhist art that signifies meditation and contemplation, something the 74-year-old has had more time for since leaving the White House in January for his Mar-a-Lago retreat in Florida. China’s commercial websites have taken advantage of Trump to increase their profit. Previously, Taobao has offered an array of products, including toilet paper rolls with Trump’s face printed on them, a toilet brush shaped like Trump’s signature messy orange hair, and T-shirts printed with satirical cartoons of him. Trump had made getting tough on China a key part of his campaign for re-election on November 3. The US-China relations soured during Trump's administration as he had vowed that in future his administration would prohibit federal contracts with companies that outsource to China and hold Beijing accountable for allowing the coronavirus, which began in China, to spread around the world.

Chinese entrepreneur selling Donald Trump's Buddha statue at this price

Alibaba Group founder Jack Ma has been left off a list of Chinese entrepreneurial leaders published by state media,&nbsp;the snub underscoring how just far he has run afoul of Beijing.

Shanghai Securities News said, "A generation of Chinese entrepreneurs emerged from the rigid structures of our old economic system with the desire to escape poverty and passion to achieve business ambitions."

<div class="videoWrapper trancodeVideo"><iframe allowfullscreen="" autoplay="1" class="includeVideo" frameborder="0" height="350" src="https://www.wionews.com/videos/gravitas-jack-ma-reappears-358408/embed" style="width:100%;max-width:560px;" width="560"></iframe></div>

China's best-known businessman was not mentioned in a front-page article published by a newspaper backed state-run&nbsp;Xinhua News Agency. Instead, Huawei Technologies' Ren Zhengfei, Xiaomi Corp's Lei Jun and BYD's Wang Chuanfu were lauded for their contributions.

The editorial, published on the same day&nbsp;when Alibaba will also report its latest quarterly earnings may help assuage fears that Tencent may get caught up in a broader industry crackdown which is now focused on Ma's Alibaba and the Ant Group Co.

The catalyst for Ma's current woes was an Oct. 24 speech in which he blasted China's regulatory system, leading to the suspension of his Ant Group's $37 billion IPO just days before the fintech giant's listing.

Regulators have since launched an anti-trust probe into the tech sector with Alibaba taking much of the heat, while tighter regulations for Ant Group are also being considered.

Ma, who is not known for shying away from the limelight, subsequently disappeared from the public eye for about three months, triggering frenzied speculation about his whereabouts. He re-emerged last month with a 50-second video appearance.

The Shanghai Securities News said that while some of the entrepreneurs it praised had once behaved like "reckless heroes" in their efforts to break away from an old, rigid economic system, they now led "a group of companies that respected the rules of development and abided by market rules."

Alibaba Group founder Jack Ma has been left off a list of Chinese entrepreneurial leaders published by state media, the snub underscoring how just far he has run afoul of Beijing.

Alibaba Group founder Jack Ma has been left off a list of Chinese entrepreneurial leaders published by state media, the snub underscoring how just far he has run afoul of Beijing. Shanghai Securities News said, "A generation of Chinese entrepreneurs emerged from the rigid structures of our old economic system with the desire to escape poverty and passion to achieve business ambitions." China's best-known businessman was not mentioned in a front-page article published by a newspaper backed state-run Xinhua News Agency. Instead, Huawei Technologies' Ren Zhengfei, Xiaomi Corp's Lei Jun and BYD's Wang Chuanfu were lauded for their contributions. The editorial, published on the same day when Alibaba will also report its latest quarterly earnings may help assuage fears that Tencent may get caught up in a broader industry crackdown which is now focused on Ma's Alibaba and the Ant Group Co. The catalyst for Ma's current woes was an Oct. 24 speech in which he blasted China's regulatory system, leading to the suspension of his Ant Group's $37 billion IPO just days before the fintech giant's listing. Regulators have since launched an anti-trust probe into the tech sector with Alibaba taking much of the heat, while tighter regulations for Ant Group are also being considered. Ma, who is not known for shying away from the limelight, subsequently disappeared from the public eye for about three months, triggering frenzied speculation about his whereabouts. He re-emerged last month with a 50-second video appearance. The Shanghai Securities News said that while some of the entrepreneurs it praised had once behaved like "reckless heroes" in their efforts to break away from an old, rigid economic system, they now led "a group of companies that respected the rules of development and abided by market rules."

Chinese state media omits Jack Ma's name from list of entrepreneurial leaders

Alibaba's founder Jack Ma has reappeared nearly 3 months after he went missing from the public eye. Where was Ma? Does his reappearance necessarily mean good news for Alibaba? Palki Sharma Upadhyay has the details.

Gravitas: Jack Ma reappears

Jack Ma, the founder of Alibaba Group, has finally reappeared nearly three months after he went missing from the public eye.&nbsp;

He was recorded speaking to teachers from rural China and told them, "we will meet again after the epidemic is over".&nbsp;

Someone posted this 50-second video on Twitter and it went viral instantly.

Also read | <a href="https://www.wionews.com/world/alibabas-jack-ma-makes-first-public-appearance-after-months-via-video-link-357945">Alibaba's Jack Ma makes first public appearance after months via video link</a>

Many people questioned its authenticity and some expressed doubts over its date.

But most people chose celebration over speculation and among them was the Hong Kong stock market.&nbsp;

Alibaba's shares were up 8.5 per cent and the company's valuation rose by $58 billion.&nbsp;

His reappearance is being viewed as a big relief for Alibaba and its investors.

<h2>Are the Alibaba founder and Alibaba safe now?</h2>

The answer lies in history and politics.

The Alibaba founder's previous appearance was at the second Bund Summit in Shanghai on October 24, 2020.

It was on this day that Jack criticised China's regulatory system and state-run banks.

He called them out for behaving like "pawn shops", prompting Chinese authorities to go after him and his empire.

Alibaba's affiliate, the Ant Group was forced to suspend its $37 billion IPO plan.

China had also launched an anti-trust investigation against Alibaba and the company was probed for suspected monopoly practices.

Alibaba's reputation was hit and it lost $140 billion.

Jack net worth too began fluctuating and following this incident, he did not appear in a TV show he was supposed to judge.&nbsp;

He also missed other scheduled appearances, which led to speculation that Chinese authorities had gone after him.&nbsp;

It was also seen that the rise of Jack had put him at odds with Chinese President Xi Jinping.

<h2>China's poster boy</h2>

Jack is the poster boy of China and at home, he is being called 'Daddy Ma'.&nbsp;

Some Chinese youth call him 'Teacher Ma' and he is seen as the 'godfather of entrepreneurship'.

His status is nothing less than a legend in China.

Jack sings, dances, acts, paints, fights and his cult had begun threatening Xi's party-state, a system where only one person can be celebrated.

And the dictator is not happy with him and one headline tells this story: 'There is no Jack Ma era, but a Jack Ma in the era'.&nbsp;

China is also running an anti-Jack Ma campaign online with reports claiming he is being portrayed as a wolf in sheep's attire and his venture, the ant group being painted as a loan shark.

Chinese consumers are concerned and some investors say they have no clarity as to what is going on in Alibaba.

Jack may not have been jailed like real estate tycoon Ren Zhiqiang or billionaire entrepreneur Sun Dawu, but his company Alibaba is not out of danger.

<h2>Hints</h2>

Jack's recent video hints at the entrepreneur buckling under Chinese pressure.&nbsp;

Take a look at what he told the teachers.

"During this period of time, my colleagues and I have been learning and thinking, and we have become more determined to devote ourselves to education and public welfare. This is not only because I am a teacher myself, but more importantly, education, especially rural education, is of great importance. Today, our country has achieved complete poverty alleviation, comprehensively promoted the rural revitalization strategy, entered a new stage of development, and is moving towards common prosperity."

These comments were published in a Chinese outlet and if they are authentic, then Jack's tone has evidently taken a 180-degree turn since his Shanghai speech.

Analysts say the Chinese govt may takeover Alibaba.

Reports suggest there are four possibilities employees in Alibaba are preparing for: nationalisation, splitting of the business, more restrictions and fines.

Does any of this sound like the end of trouble for Alibaba?

You know the answer.

Jack Ma, the founder of Alibaba Group, has finally reappeared nearly three months after he went missing from the public eye. He was recorded speaking to teachers from rural China and told them, "we will meet again after the epidemic is over".

Jack Ma, the founder of Alibaba Group, has finally reappeared nearly three months after he went missing from the public eye. He was recorded speaking to teachers from rural China and told them, "we will meet again after the epidemic is over". Someone posted this 50-second video on Twitter and it went viral instantly. Also read | Alibaba's Jack Ma makes first public appearance after months via video link Many people questioned its authenticity and some expressed doubts over its date. But most people chose celebration over speculation and among them was the Hong Kong stock market. Alibaba's shares were up 8.5 per cent and the company's valuation rose by $58 billion. His reappearance is being viewed as a big relief for Alibaba and its investors. Are the Alibaba founder and Alibaba safe now? The answer lies in history and politics. The Alibaba founder's previous appearance was at the second Bund Summit in Shanghai on October 24, 2020. It was on this day that Jack criticised China's regulatory system and state-run banks. He called them out for behaving like "pawn shops", prompting Chinese authorities to go after him and his empire. Alibaba's affiliate, the Ant Group was forced to suspend its $37 billion IPO plan. China had also launched an anti-trust investigation against Alibaba and the company was probed for suspected monopoly practices. Alibaba's reputation was hit and it lost $140 billion. Jack net worth too began fluctuating and following this incident, he did not appear in a TV show he was supposed to judge. He also missed other scheduled appearances, which led to speculation that Chinese authorities had gone after him. It was also seen that the rise of Jack had put him at odds with Chinese President Xi Jinping. China's poster boy Jack is the poster boy of China and at home, he is being called 'Daddy Ma'. Some Chinese youth call him 'Teacher Ma' and he is seen as the 'godfather of entrepreneurship'. His status is nothing less than a legend in China. Jack sings, dances, acts, paints, fights and his cult had begun threatening Xi's party-state, a system where only one person can be celebrated. And the dictator is not happy with him and one headline tells this story: 'There is no Jack Ma era, but a Jack Ma in the era'. China is also running an anti-Jack Ma campaign online with reports claiming he is being portrayed as a wolf in sheep's attire and his venture, the ant group being painted as a loan shark. Chinese consumers are concerned and some investors say they have no clarity as to what is going on in Alibaba. Jack may not have been jailed like real estate tycoon Ren Zhiqiang or billionaire entrepreneur Sun Dawu, but his company Alibaba is not out of danger. Hints Jack's recent video hints at the entrepreneur buckling under Chinese pressure. Take a look at what he told the teachers. "During this period of time, my colleagues and I have been learning and thinking, and we have become more determined to devote ourselves to education and public welfare. This is not only because I am a teacher myself, but more importantly, education, especially rural education, is of great importance. Today, our country has achieved complete poverty alleviation, comprehensively promoted the rural revitalization strategy, entered a new stage of development, and is moving towards common prosperity." These comments were published in a Chinese outlet and if they are authentic, then Jack's tone has evidently taken a 180-degree turn since his Shanghai speech. Analysts say the Chinese govt may takeover Alibaba. Reports suggest there are four possibilities employees in Alibaba are preparing for: nationalisation, splitting of the business, more restrictions and fines. Does any of this sound like the end of trouble for Alibaba? You know the answer.

As Jack Ma reappears, is there status quo in China?

Alibaba founder <a href="https://www.wionews.com/world/under-pressure-from-china-jack-mas-alibaba-group-to-shut-down-its-music-streaming-app-354834">Jack Ma</a> made his first public appearance after disappearing from public view a few months ago after criticising Chinese banking rules in a speech in Shanghai on October 24.

Watch:

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China's state-run Global Times tweeted a video informing that Jack Ma showed up at a rural teacher-themed social welfare event via video link on Wednesday. The ceremony is an annual event launched by the <a href="https://www.wionews.com/world/jack-mas-disappearance-may-hit-indian-firms-in-long-run-354568">Jack Ma </a>Foundation in 2015, Global Times informed.

<div class="ui-state-default" contenteditable="false">
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<blockquote class="twitter-tweet">
Jack Ma Yun, the English teacher turned entrepreneur and former executive chairman of <a href="https://twitter.com/hashtag/Alibaba?src=hash&amp;ref_src=twsrc%5Etfw">#Alibaba</a>, showed up at a rural teacher-themed social welfare event via video link on Wed, his first public appearance since Alibaba came under tougher regulatory scrutiny.<a href="https://t.co/VXywPHEeyv">https://t.co/VXywPHEeyv</a> <a href="https://t.co/DKCXhASIhu">pic.twitter.com/DKCXhASIhu</a>
— Global Times (@globaltimesnews) <a href="https://twitter.com/globaltimesnews/status/1351751456827719681?ref_src=twsrc%5Etfw">January 20, 2021</a></blockquote>
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Ma's disappearance had fuelled speculation over his safety, however, the Alibaba Group claimed it was "schedule conflict". "Ma could no longer be part of the finale judge panel of Africa’s Business Heroes earlier this year (2020)," it said.&nbsp;

Ma, the actual controller of Alibaba fintech offshoot Ant Group, and Ant management were summoned for talks by the country's top financial regulatory authorities on November 2, just before Ant's planned dual listing in Shanghai and Hong Kong.

The regulatory interview preluded a series of toughening moves that have seen the regulators call a halt to what was expected to be a record-smashing IPO, Global Time said.

Ant Group has established a rectification working team and is formulating a timeframe for overhaul its services, according to Global Times.

Alibaba founder Jack Ma made his first public appearance after disappearing from public view a few months ago after criticising Chinese banking rules in a speech in Shanghai on October 24.

Alibaba founder Jack Ma made his first public appearance after disappearing from public view a few months ago after criticising Chinese banking rules in a speech in Shanghai on October 24. Watch: China's state-run Global Times tweeted a video informing that Jack Ma showed up at a rural teacher-themed social welfare event via video link on Wednesday. The ceremony is an annual event launched by the Jack Ma Foundation in 2015, Global Times informed. Jack Ma Yun, the English teacher turned entrepreneur and former executive chairman of #Alibaba, showed up at a rural teacher-themed social welfare event via video link on Wed, his first public appearance since Alibaba came under tougher regulatory scrutiny.https://t.co/VXywPHEeyv pic.twitter.com/DKCXhASIhu — Global Times (@globaltimesnews) January 20, 2021 × Ma's disappearance had fuelled speculation over his safety, however, the Alibaba Group claimed it was "schedule conflict". "Ma could no longer be part of the finale judge panel of Africa’s Business Heroes earlier this year (2020)," it said. Ma, the actual controller of Alibaba fintech offshoot Ant Group, and Ant management were summoned for talks by the country's top financial regulatory authorities on November 2, just before Ant's planned dual listing in Shanghai and Hong Kong. The regulatory interview preluded a series of toughening moves that have seen the regulators call a halt to what was expected to be a record-smashing IPO, Global Time said. Ant Group has established a rectification working team and is formulating a timeframe for overhaul its services, according to Global Times.

Alibaba's Jack Ma makes first public appearance after months via video link

The Trump administration is considering adding Alibaba Group Holding Ltd and Tencent Holdings Ltd to a blacklist of Chinese companies that are allegedly owned or controlled by the Chinese military.

The news was first reported by the Wall Street Journal, which said the plan was still under deliberation and may not go through as agencies debate its impact on markets.

Alibaba and Tencent shares were both down roughly 3 per cent in morning trade on the Hong Kong Stock Exchange. Alibaba's US-listed shares closed down just over 5 per cent on the news on Wednesday, but were roughly flat in after hours trading.

On Tuesday, US President Donald Trump signed an executive order banning transactions with eight Chinese software applications, including Ant Group's Alipay mobile payment app, escalating tensions with Beijing two weeks before President-elect Joe Biden takes office.

The Trump administration is considering adding Alibaba Group Holding Ltd and Tencent Holdings Ltd to a blacklist of Chinese companies that are allegedly owned or controlled by the Chinese military.

The Trump administration is considering adding Alibaba Group Holding Ltd and Tencent Holdings Ltd to a blacklist of Chinese companies that are allegedly owned or controlled by the Chinese military. The news was first reported by the Wall Street Journal, which said the plan was still under deliberation and may not go through as agencies debate its impact on markets. Alibaba and Tencent shares were both down roughly 3 per cent in morning trade on the Hong Kong Stock Exchange. Alibaba's US-listed shares closed down just over 5 per cent on the news on Wednesday, but were roughly flat in after hours trading. On Tuesday, US President Donald Trump signed an executive order banning transactions with eight Chinese software applications, including Ant Group's Alipay mobile payment app, escalating tensions with Beijing two weeks before President-elect Joe Biden takes office.

US considering adding Alibaba, Tencent to China stock ban

China`s Alibaba Group Holding Ltd plans to raise at least $5 billion through the sale of a U.S. dollar-denominated bond this month, four people with knowledge of the matter said, amid regulatory scrutiny of co-founder Jack Ma`s empire.

Depending on investor response, proceeds could reach $8 billion which the e-commerce leader is likely to use for general corporate expenditure, one of the people said.

The fundraising will be a test of investor sentiment towards Alibaba, coming months after an October speech from billionaire Ma about regulation stifling innovation that led to the halting of affiliate Ant Group`s $37 billion stock market listing.

Ma`s absence from public view in the intervening time has fuelled social media speculation over his whereabouts.

The bond sale plan, including timeline, is not finalised and is subject to change, the people said, all of whom declined to be identified as they were not authorised to speak to the media.

Alibaba declined to comment.

Since Ma`s speech, Chinese regulators have begun an antitrust probe into Alibaba and ordered fintech Ant to change its lending and other consumer finance businesses, including the creation of a holding company to meet capital requirements.

Regulators are also reviewing Ant`s equity investments in dozens of companies and considering whether to instruct the firm to divest of some, Reuters reported last month.

Alibaba`s international bond offering, if finalised, would be the group`s third, Refinitiv data showed. It sold an $8 billion U.S. dollar bond in 2014, and a $7 billion tranche in 2017, the data showed.

With its latest float, Alibaba will join a slew of Asian companies that in recent months have taken advantage of cheaper borrowing costs and abundant liquidity in global markets.

The terms of the offering were not immediately known. Two of the people said marketing documents were likely to be available as soon as next week, and that the tenure of the bond is likely to be 10 years.

China`s Alibaba Group Holding Ltd plans to raise at least $5 billion through the sale of a U.S. dollar-denominated bond this month, four people with knowledge of the matter said, amid regulatory scrutiny of co-founder Jack Ma`s empire.

China`s Alibaba Group Holding Ltd plans to raise at least $5 billion through the sale of a U.S. dollar-denominated bond this month, four people with knowledge of the matter said, amid regulatory scrutiny of co-founder Jack Ma`s empire. Depending on investor response, proceeds could reach $8 billion which the e-commerce leader is likely to use for general corporate expenditure, one of the people said. The fundraising will be a test of investor sentiment towards Alibaba, coming months after an October speech from billionaire Ma about regulation stifling innovation that led to the halting of affiliate Ant Group`s $37 billion stock market listing. Ma`s absence from public view in the intervening time has fuelled social media speculation over his whereabouts. The bond sale plan, including timeline, is not finalised and is subject to change, the people said, all of whom declined to be identified as they were not authorised to speak to the media. Alibaba declined to comment. Since Ma`s speech, Chinese regulators have begun an antitrust probe into Alibaba and ordered fintech Ant to change its lending and other consumer finance businesses, including the creation of a holding company to meet capital requirements. Regulators are also reviewing Ant`s equity investments in dozens of companies and considering whether to instruct the firm to divest of some, Reuters reported last month. Alibaba`s international bond offering, if finalised, would be the group`s third, Refinitiv data showed. It sold an $8 billion U.S. dollar bond in 2014, and a $7 billion tranche in 2017, the data showed. With its latest float, Alibaba will join a slew of Asian companies that in recent months have taken advantage of cheaper borrowing costs and abundant liquidity in global markets. The terms of the offering were not immediately known. Two of the people said marketing documents were likely to be available as soon as next week, and that the tenure of the bond is likely to be 10 years.

Alibaba plans $5 billion bond this month amid regulatory scrutiny

Chinese tycoon Jack Ma’s fortune has been hit hard as Chinese authorities crack down on his empire. According to Bloomberg, Jack Ma has lost $11 billion since China upped its scrutiny of tech giants in October.

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56-year-old Ma’s net worth touched $61.7 billion this year, and was set to become Asia’s wealthiest person again. But now, his wealth has slipped to $50.9 billion, moving him to the 25th spot on the Bloomberg Billionaires Index owing to this. The Index is a list of the world’s 500 most rich people. 
 
China has begun clamping down on big tech groups, including Jack Ma’s Alibaba Group. In November, Beijing pulled the break on the Ant group, which was supposed to be the world’s biggest IPO.

Also read:&nbsp;<a href="http://13.235.153.162/business-economy/china-pushes-ant-group-overhaul-in-latest-crackdown-on-jack-ma-352810" hreflang="en">China pushes Ant Group overhaul in latest crackdown on Jack Ma</a>

The Ant group is a Fintech company, controlled by China's richest man Jack Ma of the Alibaba fame. He wanted to take the Ant group public, and raise up to 37 billion dollars in the process. This would have been the largest IPO, or initial public offering in the world - bigger than the listing of Saudi Aramco. 
 
But the Communist Party has dropped the axe on Ant. The Chinese government has suspended the public listing of this company, marking a big blow for Jack Ma - China's most celebrated entrepreneur. And, a member of the Communist Party. According to multiple claims, this was done because Ma was becoming bigger than the Chinese state itself. 
 
The Ant group IPO was killed by Beijing at the 11th hour, which happened just two days before the company's stock was supposed to start trading in Hong Kong and Shanghai. 
 
Reportedly, the orders came straight from the top, which could potentially even mean President Xi Jinping himself. China said it wants to maintain the stability of the capital markets.

Also read:&nbsp;<a href="http://13.235.153.162/world/why-china-turned-against-jack-ma-352418" hreflang="en">Why China turned against Jack Ma</a>

“Here, what I can tell you is that the decision of suspension is relevant stock exchange department fulfilling its responsibility of self regulation. The decision (of suspension of the IPO) is made by relevant exchange institutes based on laws to better safeguard capital market stability and protect investor rights and interests”, Chinese foreign ministry spokesman Wang Wenbin said.

Anywhere in the world, cancelling an IPO worth 37 billion dollars would shock the investors, and invite greater scrutiny.&nbsp;

Chinese tycoon Jack Ma’s fortune has been hit hard as Chinese authorities crack down on his empire. According to Bloomberg, Jack Ma has lost $11 billion since China upped its scrutiny of tech giants in October.

Chinese tycoon Jack Ma’s fortune has been hit hard as Chinese authorities crack down on his empire. According to Bloomberg, Jack Ma has lost $11 billion since China upped its scrutiny of tech giants in October. 56-year-old Ma’s net worth touched $61.7 billion this year, and was set to become Asia’s wealthiest person again. But now, his wealth has slipped to $50.9 billion, moving him to the 25th spot on the Bloomberg Billionaires Index owing to this. The Index is a list of the world’s 500 most rich people. China has begun clamping down on big tech groups, including Jack Ma’s Alibaba Group. In November, Beijing pulled the break on the Ant group, which was supposed to be the world’s biggest IPO. Also read: China pushes Ant Group overhaul in latest crackdown on Jack Ma The Ant group is a Fintech company, controlled by China's richest man Jack Ma of the Alibaba fame. He wanted to take the Ant group public, and raise up to 37 billion dollars in the process. This would have been the largest IPO, or initial public offering in the world - bigger than the listing of Saudi Aramco. But the Communist Party has dropped the axe on Ant. The Chinese government has suspended the public listing of this company, marking a big blow for Jack Ma - China's most celebrated entrepreneur. And, a member of the Communist Party. According to multiple claims, this was done because Ma was becoming bigger than the Chinese state itself. The Ant group IPO was killed by Beijing at the 11th hour, which happened just two days before the company's stock was supposed to start trading in Hong Kong and Shanghai. Reportedly, the orders came straight from the top, which could potentially even mean President Xi Jinping himself. China said it wants to maintain the stability of the capital markets. Also read: Why China turned against Jack Ma “Here, what I can tell you is that the decision of suspension is relevant stock exchange department fulfilling its responsibility of self regulation. The decision (of suspension of the IPO) is made by relevant exchange institutes based on laws to better safeguard capital market stability and protect investor rights and interests”, Chinese foreign ministry spokesman Wang Wenbin said. Anywhere in the world, cancelling an IPO worth 37 billion dollars would shock the investors, and invite greater scrutiny.

China's crackdown on Alibaba's Jack Ma cost him $11 billion

China's financial regulators urged Ant Group on Sunday to outline a concrete plan as soon as possible to meet regulatory demands and fully understand the seriousness of the "rectification" work it needs to perform.

The central bank, banking, securities and foreign exchange regulators urged Ant to rectify illegal financial activities, including in its credit, insurance and wealth management businesses, and regulate its credit rating business to protect personal information, People's Bank of China (PBOC) Vice Governor Pan Gongsheng said a day after meeting with representatives of the fintech group.

Ant said in a statement it would establish a "rectification" working party and fully implement regulatory requirements.

The state-backed Economic Daily said in a commentary that Ant should serve the people's needs and economic development, taking effective corporate social responsibility.

Chinese regulators last month abruptly suspended Ant's planned $37 billion initial public offering, which had been on track to be the world's largest, just two days before its shares were due to begin trading in Shanghai and Hong Kong.

On Thursday, authorities said they had launched an antitrust investigation into parent Alibaba Group and would summon Ant, the latest blow for billionaire Jack Ma's e-commerce and fintech empire.

The new demands from the PBOC, China Banking and Insurance Regulatory Commission, China Securities Regulatory Commission and State Administration of Foreign Exchange also include that Ant be more transparent about its third-party payment transactions and not conduct unfair competition, and that its setup of financial holding companies comply with the law to ensure the capital adequacy, Pan said.

China's annual Central Economic Work Conference, a gathering of top leaders and policymakers to chart the economy's course in 2021, vowed this month to strengthen antimonopoly efforts and rein in "disorderly capital expansion."

Pan said Ant must step up its risk management and maintain the continuity of its services and normal operations of its business.

During the meeting, regulators pointed out Ant's issues including its poor corporate governance, defiance of regulatory demands, illegal regulatory arbitrary, the use of its market advantage to squeeze out competitors, and harming consumers' legal interests, he said.

China's financial regulators urged Ant Group on Sunday to outline a concrete plan as soon as possible to meet regulatory demands and fully understand the seriousness of the "rectification" work it needs to perform.

China's financial regulators urged Ant Group on Sunday to outline a concrete plan as soon as possible to meet regulatory demands and fully understand the seriousness of the "rectification" work it needs to perform. The central bank, banking, securities and foreign exchange regulators urged Ant to rectify illegal financial activities, including in its credit, insurance and wealth management businesses, and regulate its credit rating business to protect personal information, People's Bank of China (PBOC) Vice Governor Pan Gongsheng said a day after meeting with representatives of the fintech group. Ant said in a statement it would establish a "rectification" working party and fully implement regulatory requirements. The state-backed Economic Daily said in a commentary that Ant should serve the people's needs and economic development, taking effective corporate social responsibility. Chinese regulators last month abruptly suspended Ant's planned $37 billion initial public offering, which had been on track to be the world's largest, just two days before its shares were due to begin trading in Shanghai and Hong Kong. On Thursday, authorities said they had launched an antitrust investigation into parent Alibaba Group and would summon Ant, the latest blow for billionaire Jack Ma's e-commerce and fintech empire. The new demands from the PBOC, China Banking and Insurance Regulatory Commission, China Securities Regulatory Commission and State Administration of Foreign Exchange also include that Ant be more transparent about its third-party payment transactions and not conduct unfair competition, and that its setup of financial holding companies comply with the law to ensure the capital adequacy, Pan said. China's annual Central Economic Work Conference, a gathering of top leaders and policymakers to chart the economy's course in 2021, vowed this month to strengthen antimonopoly efforts and rein in "disorderly capital expansion." Pan said Ant must step up its risk management and maintain the continuity of its services and normal operations of its business. During the meeting, regulators pointed out Ant's issues including its poor corporate governance, defiance of regulatory demands, illegal regulatory arbitrary, the use of its market advantage to squeeze out competitors, and harming consumers' legal interests, he said.

China financial regulators urges Ant Group to set 'rectification' plan swiftly

In China, Jack Ma is synonymous with success. The English teacher turned internet entrepreneur is the country’s richest person. He founded Alibaba, the closest thing that Amazon has to a peer and rival. After Donald Trump was elected U.S. president in 2016, Ma was the first high-profile Chinese person he met with.

That success has translated to a rock-star life for “Daddy Ma,” as some people online called him. He played an unconquerable kung fu master in a 2017 short film packed with top Chinese movie stars. He has sung with Faye Wong, the Chinese pop diva. A painting he created with Zeng Fanzhi, China’s top artist, sold at a Sotheby’s auction for $5.4 million. For China’s young and ambitious, Daddy Ma’s story was one to emulate.

Watch |&nbsp;

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But lately, public sentiment has soured, and Daddy Ma has become the man people in China love to hate. He has been called a “villain,” an “evil capitalist” and a “bloodsucking ghost.” A writer listed Ma’s “10 deadly sins.” Instead of Daddy, some people have started to call him “son” or “grandson.” In stories about him, a growing number of people leave comments quoting Marx: “Workers of the world, unite!”

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This loss of stature has come as Ma is facing increasing trouble with the Chinese government. Chinese officials Thursday said they had opened an antitrust investigation into Alibaba, the powerhouse e-commerce company that he co-founded and over which he still holds considerable sway.

At the same time, government officials are continuing to circle Ant Group, the fintech giant that Ma had spun out of Alibaba.

Last month, authorities quashed Ant’s planned blockbuster initial public offering, less than two weeks after Ma castigated financial regulators for being obsessed with minimizing risk and accused China’s banks of behaving like “pawnshops” by lending only to those who could put up collateral. On Thursday, on the same morning that the Alibaba antitrust investigation was announced, four regulatory agencies said that officials would meet with Ant to discuss new supervision measures.

On its surface, the shift in Ma’s public image stems in large part from the Chinese government’s growing criticism of his business empire. A look beneath the surface shows a deeper and more troubling trend for both the Chinese government and the entrepreneurs who powered the country out of its economic dark ages over the past four decades.

A growing number of people in China seem to feel the opportunities that people like Ma enjoyed are disappearing, even amid China’s post-coronavirus surge. While China has more billionaires than the United States and India combined, about 600 million of its people earn $150 a month or less. While consumption in the first 11 months of this year fell about 5% nationally, China’s luxury consumption is expected to grow nearly 50% this year compared with 2019.

Young college graduates, even those with degrees from the United States, face limited white-collar job prospects and low wages. Housing in the best cities has become too expensive for first-time buyers. Young people who have borrowed from a new generation of online lenders, like Ma’s Ant Group, have debts they increasingly resent.

For all of China’s economic success, a long-running resentment of the rich, sometimes called the wealthy-hating complex, has long bubbled below the surface. With Ma, it has emerged with a vengeance.

“An outstanding people’s billionaire like Jack Ma will definitely be hanged on top of the lamppost,” an online commentator wrote in a widely circulated social media post, referring to the famous lynching slogan in the French Revolution, “À la lanterne!” The article was liked 122,000 times on the Twitter-like Weibo platform and read more than 100,000 times on the messaging and social media app WeChat.

The Communist Party seems more than willing to tap into that resentment. This could mean trouble ahead for entrepreneurs and private businesses under Xi Jinping, China’s top leader, who values servility and loyalty above everything else.

In an annual leadership meeting last week that set the tone for the country’s economic policies for the coming year, the party vowed to strengthen antitrust measures and prevent “the disorderly expansion of capital.”

Some businesspeople say that the hostility toward Ant and Ma makes them wonder about the fundamental direction of the country.

“You can either have absolute control, or you can have a dynamic, innovative economy,” said Fred Hu, founder of the investment firm Primavera Capital Group in Hong Kong. “But it’s doubtful you can have both.”

His firm is an investor in Ant Group, and he sits on Ant’s board.

Xi made no secret about what his ideal capitalist should be like. Ten days after the Ant IPO debacle, he toured a museum exhibition devoted to Zhang Jian, an industrialist who was active more than a century ago. Zhang helped build up his hometown, Nantong, and opened hundreds of schools. Business figures in the Xi era, the message went, should also put their nation ahead of business.

In a July meeting with the members of the business community, Xi pointed to Zhang as a role model and urged them to rank patriotism as their top quality. (Xi reportedly did not mention that Zhang died bankrupt.)

Ma has his own high-profile philanthropic projects, like several initiatives in rural education and a prize to help develop entrepreneurial talent in Africa. But in many other respects, the flamboyant technology entrepreneur differs greatly from Zhang.

He has long enjoyed a better reputation than his peers in manufacturing, real estate and other industries whose edge may derive from cultivating close government ties, ignoring the environmental rules or exploiting employees.

He is as famous for making bold statements and challenging authorities. In 2003, he created Alipay, which later became part of Ant Group, putting his business empire square in the center of the state-controlled world of finance.

“If someone needs to go to jail for Alipay, let it be me,” he told his colleagues at the time.

He sometimes subtly dared the government to punish his defiance. Regarding Ant’s business, he said on multiple occasions, “If the government needs it, I can give it to the government.”

His top lieutenants repeated the line, too.

At the time, few people took these remarks seriously. People who know him well considered them a very “Jack thing” to say.

“Giving Alipay to the country? Jack Ma is just saying,” read the headline of a 2010 opinion piece in the China Business News newspaper.

Now the chances that those bold statements become real have heightened.

“Given what has happened, eventually Ant will have to be controlled or even majority-owned by the state,” said Zhiwu Chen, an economist at Hong Kong University’s business school.

The pressure on Ma signals a shift in how the Chinese government regulates the internet. It has long censored content, but in other ways it has adopted a laissez-faire approach. Regulations were spare. No state-run companies were involved. And at the beginning, China’s internet industry was small.

Today, Alibaba and its archrival, Tencent, control more personal data and are more intimately involved in everyday life in China than Google, Facebook and other tech titans are in the United States. And just like their U.S. counterparts, the Chinese giants sometimes bully smaller competitors and kill innovation. You do not have to be a member of the Communist Party to see reasons to rein them in.

Instead of disrupting the state system, the companies have cozied up to it. Sometimes they even help authorities track people. Still, the government has increasingly seen their size and influence as a threat.

China’s tech companies are not the country’s biggest monopolies, however. Those are owned by the state, which dominates banking and finance, telecommunications, electricity and other essential businesses.

“China Mobile is a monopoly. Industrial and Commercial Bank of China is a monopoly,” Zhang Weiying, a well-regarded Peking University economist, wrote in 2017, “because without the government permission, you can’t enter these industries.”

The article was reposted under several social media accounts last week but was quickly censored.

It’s too early to tell how far the regulators will go in reining in Ma and big tech. But some pro-market people in China worry that the country is drifting toward the hard line of the 1950s, when the party eliminated the capital class, using language that compared capitalist leanings to impurities, flaws and weaknesses.

To these people, some of the language recently used by Eric Jing, Ant’s chair, evoked the era. At a conference Dec. 15, he said the company was “looking into the mirror, finding out our shortcomings and conducting a bodily checkup.” 
&nbsp;

In China, Jack Ma is synonymous with success. The English teacher turned internet entrepreneur is the country’s richest person. He founded Alibaba, the closest thing that Amazon has to a peer and rival.

In China, Jack Ma is synonymous with success. The English teacher turned internet entrepreneur is the country’s richest person. He founded Alibaba, the closest thing that Amazon has to a peer and rival. After Donald Trump was elected U.S. president in 2016, Ma was the first high-profile Chinese person he met with. That success has translated to a rock-star life for “Daddy Ma,” as some people online called him. He played an unconquerable kung fu master in a 2017 short film packed with top Chinese movie stars. He has sung with Faye Wong, the Chinese pop diva. A painting he created with Zeng Fanzhi, China’s top artist, sold at a Sotheby’s auction for $5.4 million. For China’s young and ambitious, Daddy Ma’s story was one to emulate. Watch | But lately, public sentiment has soured, and Daddy Ma has become the man people in China love to hate. He has been called a “villain,” an “evil capitalist” and a “bloodsucking ghost.” A writer listed Ma’s “10 deadly sins.” Instead of Daddy, some people have started to call him “son” or “grandson.” In stories about him, a growing number of people leave comments quoting Marx: “Workers of the world, unite!” Also Read | China steps in to stop war within Nepal Communist Party This loss of stature has come as Ma is facing increasing trouble with the Chinese government. Chinese officials Thursday said they had opened an antitrust investigation into Alibaba, the powerhouse e-commerce company that he co-founded and over which he still holds considerable sway. At the same time, government officials are continuing to circle Ant Group, the fintech giant that Ma had spun out of Alibaba. Last month, authorities quashed Ant’s planned blockbuster initial public offering, less than two weeks after Ma castigated financial regulators for being obsessed with minimizing risk and accused China’s banks of behaving like “pawnshops” by lending only to those who could put up collateral. On Thursday, on the same morning that the Alibaba antitrust investigation was announced, four regulatory agencies said that officials would meet with Ant to discuss new supervision measures. On its surface, the shift in Ma’s public image stems in large part from the Chinese government’s growing criticism of his business empire. A look beneath the surface shows a deeper and more troubling trend for both the Chinese government and the entrepreneurs who powered the country out of its economic dark ages over the past four decades. A growing number of people in China seem to feel the opportunities that people like Ma enjoyed are disappearing, even amid China’s post-coronavirus surge. While China has more billionaires than the United States and India combined, about 600 million of its people earn $150 a month or less. While consumption in the first 11 months of this year fell about 5% nationally, China’s luxury consumption is expected to grow nearly 50% this year compared with 2019. Young college graduates, even those with degrees from the United States, face limited white-collar job prospects and low wages. Housing in the best cities has become too expensive for first-time buyers. Young people who have borrowed from a new generation of online lenders, like Ma’s Ant Group, have debts they increasingly resent. For all of China’s economic success, a long-running resentment of the rich, sometimes called the wealthy-hating complex, has long bubbled below the surface. With Ma, it has emerged with a vengeance. “An outstanding people’s billionaire like Jack Ma will definitely be hanged on top of the lamppost,” an online commentator wrote in a widely circulated social media post, referring to the famous lynching slogan in the French Revolution, “À la lanterne!” The article was liked 122,000 times on the Twitter-like Weibo platform and read more than 100,000 times on the messaging and social media app WeChat. The Communist Party seems more than willing to tap into that resentment. This could mean trouble ahead for entrepreneurs and private businesses under Xi Jinping, China’s top leader, who values servility and loyalty above everything else. In an annual leadership meeting last week that set the tone for the country’s economic policies for the coming year, the party vowed to strengthen antitrust measures and prevent “the disorderly expansion of capital.” Some businesspeople say that the hostility toward Ant and Ma makes them wonder about the fundamental direction of the country. “You can either have absolute control, or you can have a dynamic, innovative economy,” said Fred Hu, founder of the investment firm Primavera Capital Group in Hong Kong. “But it’s doubtful you can have both.” His firm is an investor in Ant Group, and he sits on Ant’s board. Xi made no secret about what his ideal capitalist should be like. Ten days after the Ant IPO debacle, he toured a museum exhibition devoted to Zhang Jian, an industrialist who was active more than a century ago. Zhang helped build up his hometown, Nantong, and opened hundreds of schools. Business figures in the Xi era, the message went, should also put their nation ahead of business. In a July meeting with the members of the business community, Xi pointed to Zhang as a role model and urged them to rank patriotism as their top quality. (Xi reportedly did not mention that Zhang died bankrupt.) Ma has his own high-profile philanthropic projects, like several initiatives in rural education and a prize to help develop entrepreneurial talent in Africa. But in many other respects, the flamboyant technology entrepreneur differs greatly from Zhang. He has long enjoyed a better reputation than his peers in manufacturing, real estate and other industries whose edge may derive from cultivating close government ties, ignoring the environmental rules or exploiting employees. He is as famous for making bold statements and challenging authorities. In 2003, he created Alipay, which later became part of Ant Group, putting his business empire square in the center of the state-controlled world of finance. “If someone needs to go to jail for Alipay, let it be me,” he told his colleagues at the time. He sometimes subtly dared the government to punish his defiance. Regarding Ant’s business, he said on multiple occasions, “If the government needs it, I can give it to the government.” His top lieutenants repeated the line, too. At the time, few people took these remarks seriously. People who know him well considered them a very “Jack thing” to say. “Giving Alipay to the country? Jack Ma is just saying,” read the headline of a 2010 opinion piece in the China Business News newspaper. Now the chances that those bold statements become real have heightened. “Given what has happened, eventually Ant will have to be controlled or even majority-owned by the state,” said Zhiwu Chen, an economist at Hong Kong University’s business school. The pressure on Ma signals a shift in how the Chinese government regulates the internet. It has long censored content, but in other ways it has adopted a laissez-faire approach. Regulations were spare. No state-run companies were involved. And at the beginning, China’s internet industry was small. Today, Alibaba and its archrival, Tencent, control more personal data and are more intimately involved in everyday life in China than Google, Facebook and other tech titans are in the United States. And just like their U.S. counterparts, the Chinese giants sometimes bully smaller competitors and kill innovation. You do not have to be a member of the Communist Party to see reasons to rein them in. Instead of disrupting the state system, the companies have cozied up to it. Sometimes they even help authorities track people. Still, the government has increasingly seen their size and influence as a threat. China’s tech companies are not the country’s biggest monopolies, however. Those are owned by the state, which dominates banking and finance, telecommunications, electricity and other essential businesses. “China Mobile is a monopoly. Industrial and Commercial Bank of China is a monopoly,” Zhang Weiying, a well-regarded Peking University economist, wrote in 2017, “because without the government permission, you can’t enter these industries.” The article was reposted under several social media accounts last week but was quickly censored. It’s too early to tell how far the regulators will go in reining in Ma and big tech. But some pro-market people in China worry that the country is drifting toward the hard line of the 1950s, when the party eliminated the capital class, using language that compared capitalist leanings to impurities, flaws and weaknesses. To these people, some of the language recently used by Eric Jing, Ant’s chair, evoked the era. At a conference Dec. 15, he said the company was “looking into the mirror, finding out our shortcomings and conducting a bodily checkup.”

Why China turned against Jack Ma

China has launched an investigation into Alibaba Group for suspected monopolistic behaviour and will summon its Ant Group to meet in coming days.

Regulators will also hold "supervisory and guidance" talks with Alibaba's gigantic financial services subsidiary Ant Group, state media reported, just weeks after its record-breaking IPO was halted at the last minute by Beijing.

The moves demonstrate mounting state pressure on one of the country's most influential companies, whose success revolutionised the e-commerce landscape and made its founder Jack Ma China's richest man.

Regulators have become increasingly uncomfortable with parts of Ant's sprawling empire, chiefly its most lucrative credit business that contributed close to 40% of its revenue in the first half of the year.

Regulators had previously warned e-commerce giant Alibaba about the so-called "choosing one from two" practice under which merchants are required to sign exclusive cooperation pacts preventing them from offering products on rival platforms.

Financial regulators will also meet with Alibaba's Ant Group fintech affiliate in the coming days, according to a separate statement by the People's Bank of China on Thursday.

The meeting is to "guide Ant Group to implement financial supervision, fair competition and protect the legitimate rights and interests of consumers," the statement said.

In response, Ant Group said in a statement that it would "diligently study and strictly comply with regulatory departments' requests".

Ant Group made its name via its main product Alipay, the online payments platform and super-app that is now deeply embedded in China's economy.

This year, Beijing has also implemented new regulations to contain potential risks in China's growing online lending industry, as the fintech arms of internet firms including Alibaba and Tencent have expanded and consolidated power over the market.

(with inputs from agencies)

China has launched an investigation into Alibaba Group for suspected monopolistic behaviour and will summon its Ant Group to meet in coming days. Regulators will also hold "supervisory and guidance" talks with Alibaba's gigantic financial services subsidiary Ant Group, state media reported, just weeks after its record-breaking IPO was halted at the last minute by Beijing.

China has launched an investigation into Alibaba Group for suspected monopolistic behaviour and will summon its Ant Group to meet in coming days. Regulators will also hold "supervisory and guidance" talks with Alibaba's gigantic financial services subsidiary Ant Group, state media reported, just weeks after its record-breaking IPO was halted at the last minute by Beijing. The moves demonstrate mounting state pressure on one of the country's most influential companies, whose success revolutionised the e-commerce landscape and made its founder Jack Ma China's richest man. Regulators have become increasingly uncomfortable with parts of Ant's sprawling empire, chiefly its most lucrative credit business that contributed close to 40% of its revenue in the first half of the year. Regulators had previously warned e-commerce giant Alibaba about the so-called "choosing one from two" practice under which merchants are required to sign exclusive cooperation pacts preventing them from offering products on rival platforms. Financial regulators will also meet with Alibaba's Ant Group fintech affiliate in the coming days, according to a separate statement by the People's Bank of China on Thursday. The meeting is to "guide Ant Group to implement financial supervision, fair competition and protect the legitimate rights and interests of consumers," the statement said. In response, Ant Group said in a statement that it would "diligently study and strictly comply with regulatory departments' requests". Ant Group made its name via its main product Alipay, the online payments platform and super-app that is now deeply embedded in China's economy. This year, Beijing has also implemented new regulations to contain potential risks in China's growing online lending industry, as the fintech arms of internet firms including Alibaba and Tencent have expanded and consolidated power over the market. (with inputs from agencies)

China launches anti-monopoly probe into Alibaba

Fashion label Gucci will open two flagship stores on Alibaba`s online luxury shopping platform, underscoring the importance of the Chinese market for high-end brands seeking to reverse a revenue slide due to the coronavirus pandemic. 
 
Gucci, the profit engine of French group Kering, is one of the most prized names to join the Tmall Luxury Pavilion platform, which was created in 2017 and now boasts more than 200 brands ranging from apparel to high-end cars. 
 
Gucci`s first flagship store, selling fashion and leather goods collections, will open on Dec. 21, the two companies said in a joint statement on Friday. A second store focused on beauty products will launch in February 2021 and will be operated by Gucci`s license partner Coty. 
 
China - where consumers shop far more by mobile phone apps than in the United States or Europe - has been a rare bright spot for luxury goods brands this year, with sales surging there since lockdown measures began to ease in the spring. 
 
Chinese customers already represented around 35% of luxury goods purchases before the pandemic and are now expected to account for almost half of global sales of high-end clothes, handbags and jewellery by 2025, according to consultancy Bain. 
 
Luxury brands, which used to be more reticent to sell their products online, have been forced by the pandemic to shift more business on the web, including through third parties. They are also targeting younger consumers who are expected to drive the post-COVID-19 recovery. 
 
Gucci has its own Chinese website, gucci.cn, and is present on all major Chinese social media platforms, including Weibo and WeChat. 
 
Alibaba said Tmall Luxury Pavilion has a consumer base of 750 million people. 
 
 
&nbsp;

Fashion label Gucci will open two flagship stores on Alibaba`s online luxury shopping platform, underscoring the importance of the Chinese market for high-end brands seeking to reverse a revenue slide due to the coronavirus pandemic.

Fashion label Gucci will open two flagship stores on Alibaba`s online luxury shopping platform, underscoring the importance of the Chinese market for high-end brands seeking to reverse a revenue slide due to the coronavirus pandemic. Gucci, the profit engine of French group Kering, is one of the most prized names to join the Tmall Luxury Pavilion platform, which was created in 2017 and now boasts more than 200 brands ranging from apparel to high-end cars. Gucci`s first flagship store, selling fashion and leather goods collections, will open on Dec. 21, the two companies said in a joint statement on Friday. A second store focused on beauty products will launch in February 2021 and will be operated by Gucci`s license partner Coty. China - where consumers shop far more by mobile phone apps than in the United States or Europe - has been a rare bright spot for luxury goods brands this year, with sales surging there since lockdown measures began to ease in the spring. Chinese customers already represented around 35% of luxury goods purchases before the pandemic and are now expected to account for almost half of global sales of high-end clothes, handbags and jewellery by 2025, according to consultancy Bain. Luxury brands, which used to be more reticent to sell their products online, have been forced by the pandemic to shift more business on the web, including through third parties. They are also targeting younger consumers who are expected to drive the post-COVID-19 recovery. Gucci has its own Chinese website, gucci.cn, and is present on all major Chinese social media platforms, including Weibo and WeChat. Alibaba said Tmall Luxury Pavilion has a consumer base of 750 million people.

Gucci joins hands with Alibaba's luxury e-commerce site to woo Chinese consumers

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China's Huawei is planning to press ahead with a roll-out despite French curbs on firms using its 5G gear | <a href="https://www.wionews.com/business-economy/huawei-to-build-network-equipment-factory-in-france-350622">READ MORE</a>

<a href="https://www.wionews.com/world/microsoft-says-it-found-malicious-software-in-its-systems-350610">Microsoft says it found malicious software in its systems</a>

Microsoft Corp said on Thursday it found malicious software in its systems related to a massive hacking campaign disclosed by U.S. officials this week | <a href="https://www.wionews.com/world/microsoft-says-it-found-malicious-software-in-its-systems-350610">READ MORE</a>

<a href="https://www.wionews.com/world/us-fda-authorises-first-over-the-counter-covid-19-antigen-test-350606">US FDA authorises first over-the-counter COVID-19 antigen test</a>

The U.S. Food and Drug administration on Tuesday authorized emergency use of the first over-the-counter COVID-19 antigen test, which can be used at home | <a href="https://www.wionews.com/world/us-fda-authorises-first-over-the-counter-covid-19-antigen-test-350606">READ MORE</a>

US FDA advisory panel endorses Moderna coronavirus vaccine A panel of outside advisors to the US Food and Drug Administration (FDA) has overwhelmingly endorsed emergency use of Moderna Inc's coronavirus vaccine | READ MORE Oxford says Covid-19 vaccine has good immune response with 2-dose regime Researchers from the University of Oxford and pharmaceutical major AstraZeneca said that Oxford’s Covid-19 vaccine candidate has a better immune response when a two full-dose regime is used rather than a full-dose followed by a half-dose booster | READ MORE Alibaba clarifies won't allow its tech to target, identify ethnic groups Alibaba Group has said it would not allow its technology to be used for targetting and identifying specific ethnic groups, following a report that its facial recognition technology can pick out Uighur minorities | READ MORE Over 300 Nigerian schoolboys released after mass kidnapping More than 300 Nigerian schoolboys were released on Thursday after being abducted in an attack claimed by Boko Haram | READ MORE To counter China, US Navy to be 'more assertive' US military warned on Thursday that US warships will be "more assertive" against international law violations particularly by China | READ MORE Babies born to COVID-19 mothers have antibodies, Singapore study finds All five babies born to women with COVID-19 infection during a study in Singapore have had antibodies against the virus, although the researchers said it is not yet clear what level of protection this may offer | READ MORE Huawei to build network equipment factory in France China's Huawei is planning to press ahead with a roll-out despite French curbs on firms using its 5G gear | READ MORE Microsoft says it found malicious software in its systems Microsoft Corp said on Thursday it found malicious software in its systems related to a massive hacking campaign disclosed by U.

US FDA advisory panel endorses Moderna coronavirus vaccine A panel of outside advisors to the US Food and Drug Administration (FDA) has overwhelmingly endorsed emergency use of Moderna Inc's coronavirus vaccine | READ MORE Oxford says Covid-19 vaccine has good immune response with 2-dose regime Researchers from the University of Oxford and pharmaceutical major AstraZeneca said that Oxford’s Covid-19 vaccine candidate has a better immune response when a two full-dose regime is used rather than a full-dose followed by a half-dose booster | READ MORE Alibaba clarifies won't allow its tech to target, identify ethnic groups Alibaba Group has said it would not allow its technology to be used for targetting and identifying specific ethnic groups, following a report that its facial recognition technology can pick out Uighur minorities | READ MORE Over 300 Nigerian schoolboys released after mass kidnapping More than 300 Nigerian schoolboys were released on Thursday after being abducted in an attack claimed by Boko Haram | READ MORE To counter China, US Navy to be 'more assertive' US military warned on Thursday that US warships will be "more assertive" against international law violations particularly by China | READ MORE Babies born to COVID-19 mothers have antibodies, Singapore study finds All five babies born to women with COVID-19 infection during a study in Singapore have had antibodies against the virus, although the researchers said it is not yet clear what level of protection this may offer | READ MORE Huawei to build network equipment factory in France China's Huawei is planning to press ahead with a roll-out despite French curbs on firms using its 5G gear | READ MORE Microsoft says it found malicious software in its systems Microsoft Corp said on Thursday it found malicious software in its systems related to a massive hacking campaign disclosed by U.S. officials this week | READ MORE US FDA authorises first over-the-counter COVID-19 antigen test The U.S. Food and Drug administration on Tuesday authorized emergency use of the first over-the-counter COVID-19 antigen test, which can be used at home | READ MORE

Morning news brief: More on Covid vaccine, Alibaba's clarification, and more

Alibaba Group has said it would not allow its technology to be used for targetting and identifying specific ethnic groups, following a report that its facial recognition technology can pick out Uighur minorities.

Alibaba, in a statement Thursday, said it was "dismayed" that Alibaba Cloud developed facial recognition technology that includes ethnicity as an attribute for tagging video imagery and that the firm never intended the technology to be used in this manner.

"We have eliminated any ethnic tag in our product offering," Alibaba said.

US-based IPVM in a report published on Wednesday said software capable of identifying Uighurs appears in Alibaba's Cloud Shield content moderation service for websites.

<a href="https://www.wionews.com/world/alibaba-facial-recognition-tech-can-specifically-pick-out-uighur-minority-new-report-says-350398">Also read |&nbsp;Alibaba facial recognition tech can specifically pick out Uighur minority, new report says</a>

Surveillance industry researcher IPVM's report came as human rights groups accuse China of forcing over 1 million Muslim Uighurs into labour camps, and call out firms suspected of complicity.

IPVM said mention of Uighurs in the software disappeared near the time it published its report, and that Alibaba told it the feature has only been used "in a testing environment".

Alibaba described Cloud Shield as a system that "detects and recognises text, pictures, videos, and voices containing pornography, politics, violent terrorism, advertisements, and spam, and provides verification, marking, custom configuration and other capabilities."

An archived record of the technology shows it can perform such tasks as "glasses inspection", "smile detection", whether the subject is "ethnic" and, specifically, "Is it Uighur".

Consequently, if a Uighur livestreams a video on a website signed up to Cloud Shield, the software can detect that the user is Uighur and flag the video for review or removal, IPVM researcher Charles Rollet told Reuters.

Contrary to these findings, China has repeatedly denied forcing anyone into what it has called vocational training centres, and has also said the region of Xinjiang is under threat from Islamist militants.

(with inputs)

Alibaba Group has said it would not allow its technology to be used for targetting and identifying specific ethnic groups, following a report that its facial recognition technology can pick out Uighur minorities.

Alibaba Group has said it would not allow its technology to be used for targetting and identifying specific ethnic groups, following a report that its facial recognition technology can pick out Uighur minorities. Alibaba, in a statement Thursday, said it was "dismayed" that Alibaba Cloud developed facial recognition technology that includes ethnicity as an attribute for tagging video imagery and that the firm never intended the technology to be used in this manner. "We have eliminated any ethnic tag in our product offering," Alibaba said. US-based IPVM in a report published on Wednesday said software capable of identifying Uighurs appears in Alibaba's Cloud Shield content moderation service for websites. Also read | Alibaba facial recognition tech can specifically pick out Uighur minority, new report says Surveillance industry researcher IPVM's report came as human rights groups accuse China of forcing over 1 million Muslim Uighurs into labour camps, and call out firms suspected of complicity. IPVM said mention of Uighurs in the software disappeared near the time it published its report, and that Alibaba told it the feature has only been used "in a testing environment". Alibaba described Cloud Shield as a system that "detects and recognises text, pictures, videos, and voices containing pornography, politics, violent terrorism, advertisements, and spam, and provides verification, marking, custom configuration and other capabilities." An archived record of the technology shows it can perform such tasks as "glasses inspection", "smile detection", whether the subject is "ethnic" and, specifically, "Is it Uighur". Consequently, if a Uighur livestreams a video on a website signed up to Cloud Shield, the software can detect that the user is Uighur and flag the video for review or removal, IPVM researcher Charles Rollet told Reuters. Contrary to these findings, China has repeatedly denied forcing anyone into what it has called vocational training centres, and has also said the region of Xinjiang is under threat from Islamist militants. (with inputs)

Alibaba clarifies won't allow its tech to target, identify ethnic groups

Fashion label Gucci will open two flagship stores on Alibaba`s online luxury shopping platform, underscoring the importance of the Chinese market for high-end brands seeking to reverse a revenue slide due to the coronavirus pandemic. 
 
Gucci, the profit engine of French group Kering, is one of the most prized names to join the Tmall Luxury Pavilion platform, which was created in 2017 and now boasts more than 200 brands ranging from apparel to high-end cars. 
 
Gucci`s first flagship store, selling fashion and leather goods collections, will open on Dec. 21, the two companies said in a joint statement on Friday. A second store focused on beauty products will launch in February 2021 and will be operated by Gucci`s license partner Coty. 
 
China - where consumers shop far more by mobile phone apps than in the United States or Europe - has been a rare bright spot for luxury goods brands this year, with sales surging there since lockdown measures began to ease in the spring. 
 
Chinese customers already represented around 35% of luxury goods purchases before the pandemic and are now expected to account for almost half of global sales of high-end clothes, handbags and jewellery by 2025, according to consultancy Bain. 
 
Luxury brands, which used to be more reticent to sell their products online, have been forced by the pandemic to shift more business on the web, including through third parties. They are also targeting younger consumers who are expected to drive post-COVID-19 recovery. 
 
Gucci has its own Chinese website, Gucci.cn, and is present on all major Chinese social media platforms, including Weibo and WeChat. 
Alibaba said Tmall Luxury Pavilion has a consumer base of 750 million people.

Fashion label Gucci will open two flagship stores on Alibaba`s online luxury shopping platform, underscoring the importance of the Chinese market for high-end brands seeking to reverse a revenue slide due to the coronavirus pandemic. Gucci, the profit engine of French group Kering, is one of the most prized names to join the Tmall Luxury Pavilion platform, which was created in 2017 and now boasts more than 200 brands ranging from apparel to high-end cars. Gucci`s first flagship store, selling fashion and leather goods collections, will open on Dec. 21, the two companies said in a joint statement on Friday. A second store focused on beauty products will launch in February 2021 and will be operated by Gucci`s license partner Coty. China - where consumers shop far more by mobile phone apps than in the United States or Europe - has been a rare bright spot for luxury goods brands this year, with sales surging there since lockdown measures began to ease in the spring. Chinese customers already represented around 35% of luxury goods purchases before the pandemic and are now expected to account for almost half of global sales of high-end clothes, handbags and jewellery by 2025, according to consultancy Bain. Luxury brands, which used to be more reticent to sell their products online, have been forced by the pandemic to shift more business on the web, including through third parties. They are also targeting younger consumers who are expected to drive post-COVID-19 recovery. Gucci has its own Chinese website, Gucci.cn, and is present on all major Chinese social media platforms, including Weibo and WeChat. Alibaba said Tmall Luxury Pavilion has a consumer base of 750 million people.

Gucci joins Alibaba's luxury e-commerce site to woo Chinese consumers

A new report claims that technology giant Alibaba Group Holding Ltd has facial recognition technology which can specifically pick out members of China's Uighur minority.

Surveillance industry researcher IPVM's report comes as human rights groups accuse China of forcing over 1 million Muslim Uighurs into labour camps, and call out firms suspected of complicity.

US-based IPVM in a report published on Wednesday said software capable of identifying Uighurs appears in Alibaba's Cloud Shield content moderation service for websites.

IPVM said mention of Uighurs in the software disappeared near the time it published its report, and that Alibaba told it the feature has only been used "in a testing environment".

Alibaba describes Cloud Shield as a system that "detects and recognises text, pictures, videos, and voices containing pornography, politics, violent terrorism, advertisements, and spam, and provides verification, marking, custom configuration and other capabilities."

An archived record of the technology shows it can perform such tasks as "glasses inspection", "smile detection", whether the subject is "ethnic" and, specifically, "Is it Uighur".

Consequently, if a Uighur livestreams a video on a website signed up to Cloud Shield, the software can detect that the user is Uighur and flag the video for review or removal, IPVM researcher Charles Rollet told Reuters.

Contrary to these findings, China has repeatedly denied forcing anyone into what it has called vocational training centres, and has also said the region of Xinjiang is under threat from Islamist militants.

Alibaba is listed on both the New York and Hong Kong stock exchanges. It is the biggest cloud computing vendor in China and the fourth worldwide, showed data from researcher Canalys.

(with inputs)

A new report claims that technology giant Alibaba Group Holding Ltd has facial recognition technology which can specifically pick out members of China's Uighur minority.

A new report claims that technology giant Alibaba Group Holding Ltd has facial recognition technology which can specifically pick out members of China's Uighur minority. Surveillance industry researcher IPVM's report comes as human rights groups accuse China of forcing over 1 million Muslim Uighurs into labour camps, and call out firms suspected of complicity. US-based IPVM in a report published on Wednesday said software capable of identifying Uighurs appears in Alibaba's Cloud Shield content moderation service for websites. IPVM said mention of Uighurs in the software disappeared near the time it published its report, and that Alibaba told it the feature has only been used "in a testing environment". Alibaba describes Cloud Shield as a system that "detects and recognises text, pictures, videos, and voices containing pornography, politics, violent terrorism, advertisements, and spam, and provides verification, marking, custom configuration and other capabilities." An archived record of the technology shows it can perform such tasks as "glasses inspection", "smile detection", whether the subject is "ethnic" and, specifically, "Is it Uighur". Consequently, if a Uighur livestreams a video on a website signed up to Cloud Shield, the software can detect that the user is Uighur and flag the video for review or removal, IPVM researcher Charles Rollet told Reuters. Contrary to these findings, China has repeatedly denied forcing anyone into what it has called vocational training centres, and has also said the region of Xinjiang is under threat from Islamist militants. Alibaba is listed on both the New York and Hong Kong stock exchanges. It is the biggest cloud computing vendor in China and the fourth worldwide, showed data from researcher Canalys. (with inputs)

Alibaba facial recognition tech can specifically pick out Uighur minority, new report says

China's market regulator said on Monday it will fine Alibaba Group, Tencent Holdings-backed China Literature and Shenzhen Hive Box 500,000 yuan

China to fine Alibaba, Tencent for failing to report past deals to anti-trust regulators

China's market regulator said on Monday it will fine Alibaba Group, Tencent Holdings-backed&nbsp;China&nbsp;Literature, and Shenzhen Hive Box 500,000 yuan ($76,464.29) each for not reporting deals properly for anti-trust reviews.

The State Administration of Market Regulation said in a statement that it had taken the decision after reviewing deals the firms were involved in, including Alibaba's past deal with Intime Retail (Group) Co Ltd and&nbsp;China&nbsp;Literature's acquisition of New Classics Media.

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The punishments come after controllers a month ago announced their goal to expand examination of China's biggest tech companies with the new enemy of syndication rules.

Beijing in November revealed draft guidelines that set up a structure for controlling hostile to serious conduct, for example, intriguing on sharing delicate customer information, collusions that crush out more modest opponents, and sponsoring administrations at beneath cost to dispose of contenders. Offers in Alibaba and Tencent expanded misfortunes and shut down over 2.5 per cent.

Also read:&nbsp;<a href="https://www.wionews.com/technology/china-unveils-guidelines-on-mobile-apps-collection-of-personal-data-347206" hreflang="en">China unveils guidelines on mobile apps' collection of personal data</a>

"Venture and takeovers are significant methods for improvement and development of web organizations," the controller said in the proclamation. "The previously mentioned organizations have a huge impact in the business, do numerous ventures and takeovers, have particular lawful groups and should be acquainted with the guidelines overseeing M&amp;A. Their inability to effectively pronounce has a moderately serious effect."&nbsp;

Beijing's uplifted examination is prodding fears of a more extensive crackdown on the nation's biggest firms. On Monday, shares in number&nbsp;3 web organisation Meituan plunged 3.8 per cent&nbsp;after the People's Daily composed a publication pummeling the business' distraction with developing traffic and volumes in regions, for example, staple conveyance, to the detriment of genuine logical advancement.&nbsp;

China's two biggest companies are likewise generally avaricious, utilising scores of arrangements to venture into neighboring fields and husband to be a portion of the nation's most encouraging startups. Alibaba had driven a $2.6 billion buyout of Intime as a feature of endeavors to grow new plans of action that join the web-based business with physical retailing. China Literature concurred in 2018 to purchase New Classics Media for as much as 15.5 billion yuan to extend in recorded substance.&nbsp;

The organisations had neglected to look for endorsement for the arrangements, which aren't considered the enemy of serious, the antitrust controller said Monday. China Literature said in a proclamation that it has been effectively working with controllers on consistency, while Alibaba agents didn't quickly react to demands for input.

China's market regulator said on Monday it will fine Alibaba Group, Tencent Holdings-backed China Literature, and Shenzhen Hive Box 500,000 yuan ($76,464.29) each for not reporting deals properly for anti-trust reviews.

China's market regulator said on Monday it will fine Alibaba Group, Tencent Holdings-backed China Literature, and Shenzhen Hive Box 500,000 yuan ($76,464.29) each for not reporting deals properly for anti-trust reviews. The State Administration of Market Regulation said in a statement that it had taken the decision after reviewing deals the firms were involved in, including Alibaba's past deal with Intime Retail (Group) Co Ltd and China Literature's acquisition of New Classics Media. The punishments come after controllers a month ago announced their goal to expand examination of China's biggest tech companies with the new enemy of syndication rules. Beijing in November revealed draft guidelines that set up a structure for controlling hostile to serious conduct, for example, intriguing on sharing delicate customer information, collusions that crush out more modest opponents, and sponsoring administrations at beneath cost to dispose of contenders. Offers in Alibaba and Tencent expanded misfortunes and shut down over 2.5 per cent. Also read: China unveils guidelines on mobile apps' collection of personal data "Venture and takeovers are significant methods for improvement and development of web organizations," the controller said in the proclamation. "The previously mentioned organizations have a huge impact in the business, do numerous ventures and takeovers, have particular lawful groups and should be acquainted with the guidelines overseeing M&A. Their inability to effectively pronounce has a moderately serious effect." Beijing's uplifted examination is prodding fears of a more extensive crackdown on the nation's biggest firms. On Monday, shares in number 3 web organisation Meituan plunged 3.8 per cent after the People's Daily composed a publication pummeling the business' distraction with developing traffic and volumes in regions, for example, staple conveyance, to the detriment of genuine logical advancement. China's two biggest companies are likewise generally avaricious, utilising scores of arrangements to venture into neighboring fields and husband to be a portion of the nation's most encouraging startups. Alibaba had driven a $2.6 billion buyout of Intime as a feature of endeavors to grow new plans of action that join the web-based business with physical retailing. China Literature concurred in 2018 to purchase New Classics Media for as much as 15.5 billion yuan to extend in recorded substance. The organisations had neglected to look for endorsement for the arrangements, which aren't considered the enemy of serious, the antitrust controller said Monday. China Literature said in a proclamation that it has been effectively working with controllers on consistency, while Alibaba agents didn't quickly react to demands for input.

China fines Alibaba, Tencent under anti-monopoly law

On Wednesday, Alibaba was in the news for its Singles Day shopping season. 11 days. Millions of orders. And deals worth 74 billion dollars. Yet on the same day, &nbsp;its shares plunged almost 10 per cent.

Here's why.

Alibaba's founder Jack Ma has made a powerful enemy. The Chinese President, Xi Jinping. China's most powerful is taking on one of its richest. In most countries, this would be a fair fight. But not in China. Here, it's a no contest. Xi Jinping is the supreme leader and Jack Ma learnt this the hard way.

At the centre of this rivalry is the Ant Group, a fintech company controlled by Jack Ma. It was set to issue the world's biggest IPO. Even bigger than Saudi Arabia's Aramco. But Beijing had other plans. The IPO was blocked just two days before trading was slated to begin. Reports say the order came right from the top. Possibly from Xi Jinping himself.

When a 37 billion dollar IPO was cancelled at the 11th hour. Questions were bound to arise. Why was Beijing going after the poster boy of Chinese tech? The regime says it is trying to protect investors' interest.

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But in reality, this IPO is exactly what china needed. Beijing's motivations were more political than economic. Ant Group was described as China's JP Morgan. It had the power to disrupt China's financial sector. A sector that is controlled by China's 5 big state banks. It seems the party is not quite ready to let go of this control.

Secondly, Jack Ma is losing favour with the Communist Party. Last month, he made a speech criticising Chinese regulations. He said the system was outdated and accused state banks of a 'pawnshop mentality'. These comments are unlikely to have gone down well with the party. China's disdain for entrepreneurs, especially when they are outspoken, is well-documented.&nbsp;

One example is real estate tycoon Ren Zhiqiang. He once called Xi Jinping a clown. This is certainly disrespectful but in China, this can seal your fate. Ren is currently serving an 18-year jail sentence.

After Ren, the party has now turned its attention to Jack Ma. He's the perfect target for Beijing

The world knows how rich Jack Ma is. It knows how big his company is. By cracking down on him Xi Jinping wants to show the world who's the boss. It's an exercise in power. And it's not limited to Jack Ma. China is trying to rein in all-powerful companies. Tencent, Alibaba and Ant Group are the big targets. They have become too powerful for the party's liking. This fear of a crackdown led to a selling frenzy at the stock market.

Over the last 11 days, Alibaba sold products worth 74 billion dollars. It's a world record. A world record. Despite this Alibaba's shares dropped almost 10 per cent. It gives you a sense of how much power Chinese regulators wield. Alibaba's rivals had a similar fate. Tencent fell 7.4 per cent. And phonemaker Xiaomi by 8.2 per cent.

In total, 80 billion dollars of market value was wiped out.

The message is clear. China's economy may evolve. Its companies may grow. But the communist party and its leadership remains supreme.

On Wednesday, Alibaba was in the news for its Singles Day shopping season. 11 days. Millions of orders. And deals worth 74 billion dollars. Yet on the same day, its shares plunged almost 10 per cent.

On Wednesday, Alibaba was in the news for its Singles Day shopping season. 11 days. Millions of orders. And deals worth 74 billion dollars. Yet on the same day, its shares plunged almost 10 per cent. Here's why. Alibaba's founder Jack Ma has made a powerful enemy. The Chinese President, Xi Jinping. China's most powerful is taking on one of its richest. In most countries, this would be a fair fight. But not in China. Here, it's a no contest. Xi Jinping is the supreme leader and Jack Ma learnt this the hard way. At the centre of this rivalry is the Ant Group, a fintech company controlled by Jack Ma. It was set to issue the world's biggest IPO. Even bigger than Saudi Arabia's Aramco. But Beijing had other plans. The IPO was blocked just two days before trading was slated to begin. Reports say the order came right from the top. Possibly from Xi Jinping himself. When a 37 billion dollar IPO was cancelled at the 11th hour. Questions were bound to arise. Why was Beijing going after the poster boy of Chinese tech? The regime says it is trying to protect investors' interest. × But in reality, this IPO is exactly what china needed. Beijing's motivations were more political than economic. Ant Group was described as China's JP Morgan. It had the power to disrupt China's financial sector. A sector that is controlled by China's 5 big state banks. It seems the party is not quite ready to let go of this control. Secondly, Jack Ma is losing favour with the Communist Party. Last month, he made a speech criticising Chinese regulations. He said the system was outdated and accused state banks of a 'pawnshop mentality'. These comments are unlikely to have gone down well with the party. China's disdain for entrepreneurs, especially when they are outspoken, is well-documented. One example is real estate tycoon Ren Zhiqiang. He once called Xi Jinping a clown. This is certainly disrespectful but in China, this can seal your fate. Ren is currently serving an 18-year jail sentence. After Ren, the party has now turned its attention to Jack Ma. He's the perfect target for Beijing The world knows how rich Jack Ma is. It knows how big his company is. By cracking down on him Xi Jinping wants to show the world who's the boss. It's an exercise in power. And it's not limited to Jack Ma. China is trying to rein in all-powerful companies. Tencent, Alibaba and Ant Group are the big targets. They have become too powerful for the party's liking. This fear of a crackdown led to a selling frenzy at the stock market. Over the last 11 days, Alibaba sold products worth 74 billion dollars. It's a world record. A world record. Despite this Alibaba's shares dropped almost 10 per cent. It gives you a sense of how much power Chinese regulators wield. Alibaba's rivals had a similar fate. Tencent fell 7.4 per cent. And phonemaker Xiaomi by 8.2 per cent. In total, 80 billion dollars of market value was wiped out. The message is clear. China's economy may evolve. Its companies may grow. But the communist party and its leadership remains supreme.

Chinese Communist Party tries to intimidate Alibaba's Jack Ma

Chinese e-commerce giant Alibaba Group Holding Ltd said orders made during its Singles' Day mega-shopping festival had exceeded $56 billion by Wednesday morning, as consumers sought to cash in on a deluge of discounts.

The shopping festival, which is the world's largest and typically begins in November, is an annual extravaganza where China's e-commerce companies, including Alibaba, JD.com and Pinduoduo, offer big discounts on their platforms. &nbsp;

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This year's shopping extravaganza comes a week after Alibaba lost almost $76 billion of its market value following&nbsp;China's suspension of the $37 billion listings of Ant Group, the financial technology firm Alibaba owns a third of.

It also takes place as&nbsp;China&nbsp;experiences an economic rebound after getting the spread of the novel coronavirus under control within its borders, following the virus' emergence in the central city of Wuhan late last year.

Rival JD.com also reported cumulative sales of 200 billion yuan ($30.2 billion) since Nov. 1, nine minutes after the clock struck midnight on Wednesday. While electronics retailer Suning.com Co Ltd - part-owned by Alibaba - said it made 5 billion yuan in sales in the first 19 minutes of the day.

Also read:&nbsp;<a href="https://www.wionews.com/business-economy/why-is-china-trying-to-kill-jack-mas-ant-group-ipo-342270" hreflang="en">Why is China trying to kill Jack Ma's Ant Group IPO?</a>

The shopping festival got its name as the main shopping day falls on Nov. 11 every year. Also known as 11.11 or Double 11, the numbers look like "bare branches", an expression referring to those who are single and unattached in China. The day thus later became known as Singles' Day.

Alibaba launched the annual online blitz early this year, with two primary discount periods taking place from Nov. 1 through Nov. 3 and again on Nov. 11.

The company will calculate gross merchandise volume (GMV) over the full 11-day period, as opposed to the usual 24 hours.

As of 12:30 a.m. local time (1630 GMT) on Nov. 11, the campaign's GMV had surpassed 372.3 billion yuan ($56.3 billion) with the order rate hitting a record peak of 583,000 per second, Alibaba said.

Alibaba has said it will introduce more than 2 million new products, double last year's amount. Other companies such as Douyin - the Chinese version of Beijing ByteDance Technology Co Ltd's TikTok - JD.com Inc and Pinduoduo Inc are also holding their own Singles Day shopping events.

Analysts expect this year to be a boon for luxury brands, as Chinese consumers accustomed to going overseas to buy high-end goods are now stuck at home due to coronavirus border closures.

Andy Halliwell, a retail analyst at digital consultancy Publicis Sapient, in a client note said, "The lack of consumer tourism which has hit European and US&nbsp;stalwarts like Harrods, Galeries Lafayette, and Nordstroms will likely see bigger spending locally".

On&nbsp;China's Twitter-like Weibo, discussions around Singles Day trended while a poll by Sina Entertainment, which garnered 174,000 respondents, found 76,000 people aimed to spend less than 1,000 yuan while only 7,341 planned to dole out more than 10,000 yuan.

Alibaba first launched the shopping event in 2009 and has made it the world's biggest online sales festival, eclipsing Cyber Monday in the United States. Last year, it recorded $38.4 billion in GMV on the day.

Pop star Katy Perry made an appearance at the company's gala for the first time late on Tuesday, albeit via live stream, as travel restrictions on outside visitors remain in place in&nbsp;China

Chinese e-commerce giant Alibaba Group Holding Ltd said orders made during its Singles' Day mega-shopping festival had exceeded $56 billion by Wednesday morning, as consumers sought to cash in on a deluge of discounts.

Chinese e-commerce giant Alibaba Group Holding Ltd said orders made during its Singles' Day mega-shopping festival had exceeded $56 billion by Wednesday morning, as consumers sought to cash in on a deluge of discounts. The shopping festival, which is the world's largest and typically begins in November, is an annual extravaganza where China's e-commerce companies, including Alibaba, JD.com and Pinduoduo, offer big discounts on their platforms. This year's shopping extravaganza comes a week after Alibaba lost almost $76 billion of its market value following China's suspension of the $37 billion listings of Ant Group, the financial technology firm Alibaba owns a third of. It also takes place as China experiences an economic rebound after getting the spread of the novel coronavirus under control within its borders, following the virus' emergence in the central city of Wuhan late last year. Rival JD.com also reported cumulative sales of 200 billion yuan ($30.2 billion) since Nov. 1, nine minutes after the clock struck midnight on Wednesday. While electronics retailer Suning.com Co Ltd - part-owned by Alibaba - said it made 5 billion yuan in sales in the first 19 minutes of the day. Also read: Why is China trying to kill Jack Ma's Ant Group IPO? The shopping festival got its name as the main shopping day falls on Nov. 11 every year. Also known as 11.11 or Double 11, the numbers look like "bare branches", an expression referring to those who are single and unattached in China. The day thus later became known as Singles' Day. Alibaba launched the annual online blitz early this year, with two primary discount periods taking place from Nov. 1 through Nov. 3 and again on Nov. 11. The company will calculate gross merchandise volume (GMV) over the full 11-day period, as opposed to the usual 24 hours. As of 12:30 a.m. local time (1630 GMT) on Nov. 11, the campaign's GMV had surpassed 372.3 billion yuan ($56.3 billion) with the order rate hitting a record peak of 583,000 per second, Alibaba said. Alibaba has said it will introduce more than 2 million new products, double last year's amount. Other companies such as Douyin - the Chinese version of Beijing ByteDance Technology Co Ltd's TikTok - JD.com Inc and Pinduoduo Inc are also holding their own Singles Day shopping events. Analysts expect this year to be a boon for luxury brands, as Chinese consumers accustomed to going overseas to buy high-end goods are now stuck at home due to coronavirus border closures. Andy Halliwell, a retail analyst at digital consultancy Publicis Sapient, in a client note said, "The lack of consumer tourism which has hit European and US stalwarts like Harrods, Galeries Lafayette, and Nordstroms will likely see bigger spending locally". On China's Twitter-like Weibo, discussions around Singles Day trended while a poll by Sina Entertainment, which garnered 174,000 respondents, found 76,000 people aimed to spend less than 1,000 yuan while only 7,341 planned to dole out more than 10,000 yuan. Alibaba first launched the shopping event in 2009 and has made it the world's biggest online sales festival, eclipsing Cyber Monday in the United States. Last year, it recorded $38.4 billion in GMV on the day. Pop star Katy Perry made an appearance at the company's gala for the first time late on Tuesday, albeit via live stream, as travel restrictions on outside visitors remain in place in China

Singles' Day: Alibaba records billions in sales as China shakes off COVID-19

Alibaba, Tencent and other Chinese tech giants took a heavy hit as their shares tumbled for a second day on Wednesday. The companies lost billions as Beijing's market regulator released draft antitrust rules that gave signals of crackdown on high-flying internet giants. The rules, released on Tuesday (October 10, 2020) outlined steps to prevent 'monopolistic behaviour' in internet companies. This is a marked departure from China's previous approach on antitrust issues. The announcement came on the eve of Singles' Day, the world's biggest shopping festival propelled by Alibaba.

Alibaba shares dropped 9.8 per cent in Hong Kong -- just week after regulator halted a huge IPO for Ant Group, the financial arm of Alibaba. Tencent shares slipped more than seven per cent.

Meanwhile, online shopping platform JD.com plunged more than nine percent, smartphone maker Xiaomi dived more than eight percent and food delivery firm Meituan was 9.7 percent lower.

The losses followed massive drops for the firms on Tuesday.

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Dave Wang, portfolio manager at Nuvest Capital told AFP the authorities' move marks an "inflection point" for the sector.

"The dominance of the big players may have reached a point that is making authorities feel uncomfortable," he said.

"They are looking to reduce this dominance or at least keep it in check."

The guidelines, put out by the State Administration for Market Regulation, take specific aim at internet platforms and issues such as exclusivity clauses that hinder competition.

China's antitrust watchdog is also targeting acts constituting an "abuse of dominant market positions" that could squeeze out smaller rivals -- including unfair pricing, restricting transactions without justifiable reason, or pushing different prices and conditions on customers based on their buying habits.

The move to force business partners to "pick one of two", therefore selling exclusively on one platform, is explicitly cited as a monopolistic practice as well.

China's tech firms are known to have captive ecosystems. Alibaba's Taobao platform, for example, supports payments via its own Alipay rather than Tencent's WeChat Pay.

Beijing has moved to clip the wings of its fast-growing online platforms, most recently halting a planned record-smashing $34 billion IPO of Ant Group -- Alibaba's financial arm.

But Supun Walpola, equity analyst at LightStream Research, noted that even if the new rules affect companies' current operations, it does not "drastically" hit their core business models.

"For instance, given its&nbsp;scale and penetration, I see no reason why Alibaba cannot be successful&nbsp;even without practices&nbsp;like data collaboration, price descrimination or exclusivity clauses," he said.

(With AFP inputs)

Alibaba, Tencent and other Chinese tech giants took a heavy hit as their shares tumbled for a second day on Wednesday. The companies lost billions as Beijing's market regulator released draft antitrust rules that gave signals of crackdown on high-flying internet giants.

Alibaba, Tencent and other Chinese tech giants took a heavy hit as their shares tumbled for a second day on Wednesday. The companies lost billions as Beijing's market regulator released draft antitrust rules that gave signals of crackdown on high-flying internet giants. The rules, released on Tuesday (October 10, 2020) outlined steps to prevent 'monopolistic behaviour' in internet companies. This is a marked departure from China's previous approach on antitrust issues. The announcement came on the eve of Singles' Day, the world's biggest shopping festival propelled by Alibaba. Alibaba shares dropped 9.8 per cent in Hong Kong -- just week after regulator halted a huge IPO for Ant Group, the financial arm of Alibaba. Tencent shares slipped more than seven per cent. Meanwhile, online shopping platform JD.com plunged more than nine percent, smartphone maker Xiaomi dived more than eight percent and food delivery firm Meituan was 9.7 percent lower. The losses followed massive drops for the firms on Tuesday. ALSO READ | Diwali 2020 Muhurat Trading: Here is what you need to know Dave Wang, portfolio manager at Nuvest Capital told AFP the authorities' move marks an "inflection point" for the sector. "The dominance of the big players may have reached a point that is making authorities feel uncomfortable," he said. "They are looking to reduce this dominance or at least keep it in check." The guidelines, put out by the State Administration for Market Regulation, take specific aim at internet platforms and issues such as exclusivity clauses that hinder competition. China's antitrust watchdog is also targeting acts constituting an "abuse of dominant market positions" that could squeeze out smaller rivals -- including unfair pricing, restricting transactions without justifiable reason, or pushing different prices and conditions on customers based on their buying habits. The move to force business partners to "pick one of two", therefore selling exclusively on one platform, is explicitly cited as a monopolistic practice as well. China's tech firms are known to have captive ecosystems. Alibaba's Taobao platform, for example, supports payments via its own Alipay rather than Tencent's WeChat Pay. Beijing has moved to clip the wings of its fast-growing online platforms, most recently halting a planned record-smashing $34 billion IPO of Ant Group -- Alibaba's financial arm. But Supun Walpola, equity analyst at LightStream Research, noted that even if the new rules affect companies' current operations, it does not "drastically" hit their core business models. "For instance, given its scale and penetration, I see no reason why Alibaba cannot be successful even without practices like data collaboration, price descrimination or exclusivity clauses," he said. (With AFP inputs)

Chinese tech giants Alibaba, Tencent stocks heavily hit after draft antitrust rules

The shocking decision taken by China at the last-minute has hurt the shares of Jack Ma's e-commerce giant Alibaba on Wednesday as investors remain concerned with the move.&nbsp;

Shanghai's stock exchange late on Tuesday suspended the record-breaking IPO of Ant Group less than 48 hours ahead of the shares' trading.

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It said, "major issues such as changes in the fintech supervisory environment" rose concerns whether the company could now meet listing requirements.

Hong Kong's exchange also said it has postponed the IPO.&nbsp;

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The suspension stopped what would have the world's biggest IPO on Thursday, with both legs worth $34 billion.&nbsp;

Alibaba's Hong Kong-listed shares declined 9.6 per cent at the beginning of trading on Wednesday, after its New York-listed stocks ended 8.13 per cent lower on Tuesday post the announcement.&nbsp;

China's decision came after recent warnings in the state media about potential financial instability due to Ant Group's brisk growth.

Beijing has slammed new regulations to halt China's growing online lending sector, a field Ant Group has aggressively shifted into just as regulators have worked to lower the risk posed to its economy by runaway debt.

The shocking decision taken by China at the last-minute has hurt the shares of Jack Ma's e-commerce giant Alibaba on Wednesday as investors remain concerned with the move.

The shocking decision taken by China at the last-minute has hurt the shares of Jack Ma's e-commerce giant Alibaba on Wednesday as investors remain concerned with the move. Shanghai's stock exchange late on Tuesday suspended the record-breaking IPO of Ant Group less than 48 hours ahead of the shares' trading. Also read | Alibaba puts India investment plan on hold amid China tensions - Sources It said, "major issues such as changes in the fintech supervisory environment" rose concerns whether the company could now meet listing requirements. Hong Kong's exchange also said it has postponed the IPO. Also read | All about Ant group, the next Big Tech IPO The suspension stopped what would have the world's biggest IPO on Thursday, with both legs worth $34 billion. Alibaba's Hong Kong-listed shares declined 9.6 per cent at the beginning of trading on Wednesday, after its New York-listed stocks ended 8.13 per cent lower on Tuesday post the announcement. China's decision came after recent warnings in the state media about potential financial instability due to Ant Group's brisk growth. Beijing has slammed new regulations to halt China's growing online lending sector, a field Ant Group has aggressively shifted into just as regulators have worked to lower the risk posed to its economy by runaway debt.

Alibaba's shares hit hard following shocking suspension of Ant Group's IPO

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