The Chinese regime has asked Internet giant Alibaba to sell its media assets, uncomfortable with the influence wielded by the group founded by Jack Ma.The Wall Street Journal reported Monday.
The billionaire, who officially retired from Alibaba in 2019 but is still a large shareholder, has been in the crosshairs of his country’s authorities for several months.
Chinese regulators in November halted a massive $ 34 billion initial public offering of Ant Group, a subsidiary of Alibaba’s online payments company.. A month later, the organizers opened an investigation into Alibaba’s business practices, which it was deemed monopolistic.
Now authorities are urging Alibaba to drastically reduce its media involvement, according to the US newspaper, which did not cite sources.
It also did not specify whether Alibaba should withdraw completely from the media. Or assign part of their shares.
Alibaba also risks receiving the largest fine in Chinese history for its monopolistic practices. The Wall Street Journal has advanced, Friday.
That could exceed the $ 975 million paid in 2015 by US microchip maker Qualcomm, the largest antitrust fine Beijing has ever imposed.
According to the newspaper, The authorities accuse Alibaba of forcing it to grant exclusivity to businessmen who sell on their websitesAnd refrain from marketing the products or services on other similar platforms.
in March , It is learned that Alibaba may get a record fine in China for its anti-competitive practices.
The fine could exceed the $ 975 million (€ 815 million) paid in 2015 by US chip maker Qualcomm, the largest antitrust fine Beijing has imposed so far, according to the Business Daily.
With information from Agence France-Presse