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| A logo of Alibaba Group is seen during the World Internet Conference (WIC) in Wuzhen, Zhejiang province, China, Nov. 23, 2020.(File photo by= REUTERS/Aly Song) |
[Asia News Communication = Reporter Reakkana] China has launched an antitrust investigation into Alibaba Group and will summon the tech giant's Ant Group affiliate to meet in coming days, regulators said on Thursday, in the latest blow for Jack Ma's e-commerce and fintech empire.
The probe is part of an accelerating crackdown on monopolistic behaviour in China's booming internet space, and the latest setback for Ma, the 56-year-old former school teacher who founded Alibaba and became China's most famous entrepreneur. It follows China's dramatic suspension last month of Ant's planned US$37 billion initial public offering, which had been on track to be the world's largest, just two days before shares were due to begin trading in Shanghai and Hong Kong.
Regulators have warned Alibaba about the so-called "choosing one from two" practice under which merchants are required to sign exclusive cooperation pacts preventing them from offering products on rival platforms.The State Administration for Market Regulation (SAMR) said in a statement on Thursday that it had launched a probe into the practice.The meeting would "guide Ant Group to implement financial supervision, fair competition and protect the legitimate rights and interests of consumers," the statement said.Ant said it had received a notice from regulators and would "comply with all regulatory requirements". Alibaba said it would cooperate with the investigation and that its operations remained normal.
