Alibaba cops record fine from Chinese regulators
E-commerce giant Alibaba has been in the Chinese Government’s sights for some months, which is why there wasn’t much surprise that it’s been hit with a record A$3.7 billion fine for anti-competitive tactics. Some analysts, however, believe it’s more to do with the state’s concerns about the tech sector’s growing influence over Chinese citizens. Last month, 12 companies including Tencent (the world’s largest games publisher), Baidu (one of the largest AI and Internet companies in the world) and SoftBank (owner of the world’s largest technology-focused venture capital fund) were fined over deals that China says violated anti-monopoly rules. It’s the latest move targeting Alibaba and co-founder/former CEO Jack Ma, who last year told a gathering of regulators that they were stifling innovation. Alibaba has accepted the ruling and says it will “ensure its compliance”. #SquizShortcut
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