China Targets Jack Ma S Alibaba Group Orders Probe For Monopolistic Practices Xi Jinping – The difficulties of Jack-Ma’s Alibaba Group escalated, the Chinese government ordered an inquiry into the matter

Jackma’s Alibaba has become one of the biggest IT companies in China. The Chinese government on Thursday launched an investigation into the Alibaba Group for suspected monopolistic behavior. The regulators informed about this on Thursday. Along with Alibaba Group, notice has also been sent to Ant Group. This is a major setback for Jack-Ma’s ecommerce company Alibaba.com and Fintech Empire.

Regulators have previously warned Alibaba of the practice of choosing one of the so-called two, under which merchants have to sign special cooperation treaties to prevent them from selling products on rival platforms. The State Administration of Market Regulation (SAMR) said in an online statement that an investigation has been launched into Alibaba’s choosing exercise of two.

The People’s Bank of China said in a statement that financial regulators will also be meeting with Alibaba’s Antar Group in the coming days. The meeting is intended to guide the Ent Group to implement financial supervision, impart fair competition and protect the legitimate rights and interests of consumers. At the same time, ANT Group said that it has received a notice from the regulators, and it will seriously study it and strictly follow all the regulatory requirements and will make every effort to fulfill all the related functions. However, Alibaba declined to comment immediately.

Industries have to follow the rules
According to the Chinese government newspaper, fair competition is a fundamental part of the market economy, allocation of monopoly distortions of resources, hurting the interests of other companies and consumers in the market and killing technological progress. He said China’s Internet sector had benefited from government support for innovation, but the industry should follow rules and laws.

The report said that if monopolies are tolerated and companies are allowed to expand in a cluttered and barbaric way, the industry will not grow in a healthy and sustainable manner.

Ant group IPO was rejected in November
Alibaba is one of the world’s largest e-commerce companies with millions of users. Alibaba’s turnover is also in the billions. Its three main websites are Taubau, Teammol and Alibaba.com. Earlier in November last month, the Chinese government dramatically rejected Ant Group’s $ 37 billion IPO. The IPO of Jack-Ma’s company received a strong response and was the largest IPO in the world, but just two days before the listing of shares in the Shanghai and Hong Kong markets, the Chinese government banned the IPO.

Jackma’s Alibaba has become one of the biggest IT companies in China. The Chinese government on Thursday launched an investigation into the Alibaba Group for suspected monopolistic behavior. The regulators informed about this on Thursday. Along with Alibaba Group, notice has also been sent to Ant Group. This is a major setback for Jack-Ma’s ecommerce company Alibaba.com and Fintech Empire.

Regulators have previously warned Alibaba of the practice of choosing one of the so-called two, under which merchants have to sign special cooperation treaties to prevent them from selling products on rival platforms. The State Administration of Market Regulation (SAMR) said in an online statement that an investigation has been launched into Alibaba’s choosing exercise of two.

The People’s Bank of China said in a statement that financial regulators will also be meeting with Alibaba’s Antar Group in the coming days. The meeting is intended to guide the Ent Group to implement financial supervision, impart fair competition and protect the legitimate rights and interests of consumers. At the same time, ANT Group said that it has received a notice from the regulators, and it will seriously study it and strictly follow all the regulatory requirements and will make every effort to fulfill all the related functions. However, Alibaba declined to comment immediately.

Industries have to follow the rules

According to the Chinese government newspaper, fair competition is a fundamental part of the market economy, allocation of monopoly distortions of resources, hurting the interests of other companies and consumers in the market and killing technological progress. He said China’s Internet sector had benefited from government support for innovation, but the industry should follow rules and laws.