Chinese government fines Alibaba $3.7 billion for anti-competitive behaviour - ABC News:
Chinese regulators have fined Alibaba Group, the world's biggest e-commerce company, 18.3 billion yuan ($3.7 billion) for anti-competitive tactics.
The State Administration for Market Regulation on Saturday announced Alibaba was fined for "abusing its dominant position" to limit competition by retailers that use its platforms and hindering "free circulation" of goods.
It said the fine was equal to 4 per cent of Alibaba's total 2019 revenue.
It promised to "operate in accordance with the law with utmost diligence".
China's ruling Communist Party is concerned about the dominance of the country's biggest internet companies, which are expanding into finance, health services and other sensitive areas.
The party says anti-monopoly enforcement, especially in tech, is a priority this year.
[...] Mr Ma, one of China's richest and most prominent entrepreneurs, disappeared temporarily from public view after criticising regulators in a November speech.
(Score: 2, Funny) by Anonymous Coward on Tuesday April 13 2021, @12:02AM (3 children)
... government regulates monopolies. Oh wait.
(Score: 2, Touché) by Anonymous Coward on Tuesday April 13 2021, @12:04AM (2 children)
That's right...in Democrat USA, monopolies regulate government. USA is now global joke punchline.
(Score: 3, Touché) by Anonymous Coward on Tuesday April 13 2021, @12:33AM
(Score: 1) by khallow on Tuesday April 13 2021, @04:11AM
(Score: 5, Insightful) by Anonymous Coward on Tuesday April 13 2021, @12:17AM (5 children)
Jack Ma criticized the CCP regime, and now he is made to pay.
Routine practice, nothing out of ordinary.
Move along. Nothing to see here.
(Score: 5, Insightful) by crafoo on Tuesday April 13 2021, @12:36AM (3 children)
I wonder what they did to him in that time period he went "missing". Bet he wishes he hadn't spoken up now. It's ironic that he basically said there needs to be more capitalistic competition and then was punished for being anti-competitive.
(Score: 0) by Anonymous Coward on Tuesday April 13 2021, @02:49AM
...by the Communists!
(Score: 0) by Anonymous Coward on Tuesday April 13 2021, @03:25AM
What is it they say? The dumbest smart man? When CCP says jump, you ask how high.
(Score: 5, Insightful) by Anonymous Coward on Tuesday April 13 2021, @04:09AM
This!
If anyone is even remotely thinking that China is "doing the right thing" here, this should set you straight. This isn't a new tactic. There's an old saying: A good criminal evades persecution, a great one turns it around and makes the accuser the accused.
(Score: 0, Interesting) by Anonymous Coward on Tuesday April 13 2021, @01:34AM
I toyed with the idea of buying some calls a little out of the money on Friday (225 strike with 4/16 expiry) based on the notion that with the saga over, BABA would jump. It seemed like such a gamble though with the price down $5 on Friday with this news, so I figured I'd watch a bit more considering the options contracts were about $380 each. Anyway, today I'm kicking myself watching all the imaginary money I didn't make. At the close today, those contracts are worth $1990. I hate losing imaginary money almost more than I hate losing real money -- at least with real money I can be sanguine about it. Imaginary money though -- grrr.
(Score: 2) by Runaway1956 on Tuesday April 13 2021, @12:34AM (4 children)
Is that really a good idea? If we protect everyone in the shallow end of the gene pool, it will probably turn out very badly.
(Score: 3, Funny) by Runaway1956 on Tuesday April 13 2021, @12:35AM (1 child)
Never mind. Wrong article. https://soylentnews.org/article.pl?sid=21/04/12/1533223 [soylentnews.org]
(Score: 1, Touché) by Anonymous Coward on Tuesday April 13 2021, @02:00AM
Speaking of the shallow end of the gene pool, and uneducated country bumpkins. . .
(Score: 0, Flamebait) by Anonymous Coward on Tuesday April 13 2021, @03:15AM (1 child)
But diversity is our strength*
*ignore the numerous studies and research that says otherwise
(Score: 0) by Anonymous Coward on Tuesday April 13 2021, @05:29AM
Parroting nonsense is very comforting to brainless NPC types. It makes them feel they are in-the-know and part-taking in soemthing greater than their consumption-defined meaningless existance. It wouldn't bother me, kidna like when you are not really bothered when you see a bunch of deer grazing in the suburbs. But then you realize the deer shit on the grass, run into cars, and that these other idiots are allowed to vote. Maybe if we let the people shit on the grass, run into cars, and give the deer voting rights we would be OK.
(Score: 2) by hendrikboom on Tuesday April 13 2021, @03:58AM (1 child)
Looks like China is learning.
(Score: 2, Touché) by khallow on Tuesday April 13 2021, @04:19AM
(Score: 2, Interesting) by Taxi Dudinous on Tuesday April 13 2021, @01:29PM (1 child)
And the stock rose quickly. Jack just got a bump in net worth about equal to the fine.
https://fortune.com/2021/04/13/jack-ma-net-worth-alibaba-fine-china/ [fortune.com]
Funny that.
(Score: 1) by Taxi Dudinous on Tuesday April 13 2021, @01:34PM
Oops!
Chinese government fines Alibaba $3.7 billion for anti-competitive behaviour - ABC News:
Some other sources had this
https://www.cnn.com/2021/04/10/tech/alibaba-china-record-fine/index.html [cnn.com]