[ad_1]
The Chinese market regulator said on Thursday it had opened an antimonopoly investigation into e-commerce giant Alibaba, strengthening government control over one of the world’s most valuable internet companies.
In a terse statement, the State Administration for Market Regulation said it opened the investigation amid reports that Alibaba had engaged in monopolistic behavior such as imposing unreasonable restrictions. to traders or other users of its platforms.
Representatives of Alibaba, which is based in the Chinese city of Hangzhou, did not immediately respond to requests for comment.
The investigation is part of a larger official crackdown on the business empire of Jack Ma, co-founder of Alibaba and, some say, China’s richest man.
In November, the market regulator published proposed rules aimed at tackling anti-competitive behavior by internet companies. Earlier this month, Chinese regulators suspended the initial public offering of Ant Group, Alibaba’s finance-focused sister company, canceling a listing that was set to be the largest in history . The move came after Mr. Ma publicly criticized Chinese regulators for being too obsessed with controlling financial risk.
On Thursday, four regulatory agencies, including the country’s central bank, said officials would meet with Ant soon to discuss new financial sector supervision. Ant said in a statement that he “will seriously study and strictly adhere to all regulatory requirements and fully commit to doing all related work.”
Alibaba holds a strong position in online shopping in China. He runs the Taobao Market, an online bazaar where traders set up electronic stalls to sell to customers. Alibaba’s Tmall platform caters to major Chinese and global brands. Alibaba makes money by hosting marketplaces and charging suppliers for services.
The People’s Daily, the main newspaper of the Communist Party of China, quickly endorsed the investigation in an article that appeared to signal wider support and coordination behind the move.
“This is an important step in strengthening anti-monopoly surveillance in the Internet sphere,” said the article, which was published on the newspaper’s website Thursday morning. “This will be beneficial in regulating an orderly industry and promoting the healthy long-term development of the platforms.”
This is a developing story. Check back for updates.
Chris Buckley contributed reporting.
[ad_2]
Source link