On August 28, 2024, the Alibaba office building in Nanjing, Jiangsu Province, China.
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China’s market regulator said on Friday that Alibaba has completed a three-year regulatory “rectification” process after receiving antitrust fines in 2021 for alleged monopolistic practices.
06:59 AM Alibaba shares rise 4.01% in U.S. pre-market trading
On Friday, China’s State Administration for Market Regulation (SAMR) said it had been overseeing Alibaba’s compliance with antitrust regulations over the past few years. According to a statement from Google Translate, the State Administration for Market Regulation said the rectification work had achieved “good results.”
2021, China’s State Administration for Market Regulation fines Alibaba 18.23 billion yuan ($2.6 billion) as part of an antitrust investigation into the tech giants. Regulators are focused on forcing merchants to choose one of the two e-commerce platforms, rather than being able to use both platforms simultaneously.
At the time, regulators said the “choose-or” policy and other policies allowed Alibaba to consolidate its position in the market and gain an unfair competitive advantage.
Since the fine, the State Administration for Market Regulation has been monitoring Alibaba to ensure it complies with the regulator’s requirements. The State Administration for Market Regulation said on Friday that Alibaba has now completed the process and stopped its “choose-or” monopoly practices.
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– CNBC’s Christine Wang contributed to this report.
