Alibaba Completes Overhaul, Shares Vault
Shares of Alibaba rose $2.11, or 2.6%, to $83.13, as Friday’s session opened.
On Friday, China’s State Administration for Market Regulation (SAMR) said that, over the past few years, it has been supervising Alibaba’s process to become compliant with antitrust regulations. The rectification work has achieved “good results,” the SAMR said, according to a Google-translated statement.
In 2021, China’s SAMR fined Alibaba 18.23 billion yuan ($2.6 billion U.S.) as part of an anti-monopoly investigation into the tech giant. The regulator’s focus was on a practice that forces merchants to choose one of two e-commerce platforms, rather than being able to work with both.
At the time, the regulator said that the “choose one” policy and others allowed Alibaba to bolster its position in the market and gain unfair competitive advantages.
Since that fine, the SAMR has been supervising Alibaba as it gets in line with the regulator’s requirements. Alibaba has now completed this process and has stopped the ”‘choose one of two’ monopoly behavior,” the SAMR said Friday.
The SAMR said it will now guide Alibaba to continue to improve its compliance and efficiency and to accelerate innovation.
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