China’s market regulator has declared that e-commerce giant Alibaba has served its three-year “rectification” period, after it was punished for its monopolistic behaviour.
The country’s State Administration of Market Regulation issued a statement on Friday, following a record $2.75 billion fine on the tech outfit in 2021 for abusing its market position by forcing merchants on its platforms not to work with rival platforms.
The regulator’s statement said Alibaba’s rectification work had achieved “good results” and that it would continue to “guide” Alibaba to continue to “regulate its operations and improve its compliance and quality.”
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The fine levied on Alibaba in 2021 came during a period of intense scrutiny for the business empire founded by billionaire Jack Ma.
A $37 billion IPO by the finance arm he founded, Ant Group, was also scuttled following Ma’s public critique of the country’s regulatory system in late 2020.
Alibaba, in its own statement, described the regulator’s announcement on Friday as a “new starting point for development” and said it would continue to “promote the healthy development of the platform economy and create more value for society.”
- Reuters with additional editing by Sean O’Meara
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