Alibaba, 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. — Bloomberg
BEIJING: China denied on March 12 it was planning to hit e-commerce giant Alibaba with a fine of almost US$1bil (RM4.11bil) for allegedly flouting monopoly rules, as authorities put the screws on the firm as part of a crackdown on the technology sector.
Officials are considering a hefty penalty that could top the US$975mil (RM4.01bil) paid by US chipmaker Qualcomm in 2015 – the biggest known for anticompetitive practices in China – the Wall Street Journal reported Thursday, citing unnamed “people with knowledge of the matter”.
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