China imposes a fine of $78,000 each on major tech giants
US SEC added Alibaba to the list of companies that might be delisted
China's market regulator has been fining companies for failing to declare 43 deals tothe authorities that date back to 2016. These companies include Alibaba, Baidu and JD.com. The companies are being fined with an amount of 500,000 yuan under China's 2008 Anti-Monopoly law.
The earliest listed deal was from the year 2012 and the latest one was from 2021. It was an agreement between Baidu and Chinese automaker Zhejiang Geely Holdings to create a new-energy vehicle company.
Few other deals include Alibaba's 2014 acquisition of Chinese digital mapping firm AutoNavi and itspurchase of a 44 per cent stake in Ele.me with the aim of becoming the food delivery service's largest shareholder.
Alibaba, Baidu, JD.com and Geely have not yet commented on the same.
Meanwhile, earlier a Bloomberg report cited that Alibaba has lost around $344 billion in market capitalisation, the largest ever decline in shareholder value globally.
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In response to Jack Ma's speech last year, Chinese authorities had not only pulled Ant's IPO but also launched an antitrust probe against Alibaba, which ultimately resulted in a $2.75 billion fine for the company.
The value of Alibaba's stock fell the most over the past year globally.
Jack Ma, delivered a blunt criticism of China's financial system last October. This is when few had predicted a downward spiral for the holdings of the group.