The largest fine in the history of Chinese companies was imposed on “Alibaba” .. How much was it?

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The China Market Control Directorate has announced that Alibaba will be fined 18.34 billion yuan ($ 2.78 billion) for violations of antitrust legislation.

The directorate’s statement stated: “According to Articles 47 and 48 of the Anti-Monopoly Law, and taking into account the nature, duration and scope of the illegal activity of the” Alibaba Group “company … the Directorate decided to impose a fine of 4 percent of the company’s internal sales value in 2019, which amounted 455.712 billion yuan, bringing the fine to 18.228 billion yuan. “

And at the end of last January, the Wall Street Journal, citing informed sources, said that the Chinese company, Ant Group, is planning to reconfigure itself as a financial holding company under the supervision of the Chinese central bank after pressure from the regulatory authorities, which previously blocked the offering Of its shares on the stock exchange.The newspaper said that the financial technology company of the “Alibaba” group submitted a restructuring plan, which could be completed before China enters the week-long Lunar New Year holiday in mid-February.

The Chinese central bank said that the company controls a group of financial institutions, including securities and insurance companies, and must set up a holding company in accordance with the law.Last November, Chinese regulators suspended Ant’s initial public offering of $ 37 billion on the Shanghai and Hong Kong stock exchanges, which was to be the largest in the world.

Jack Ma, the owner of the company and one of the richest people in Asia, whose wealth is estimated at 58 billion dollars, disappeared from view, after a speech he gave in October last year, in which he criticized the financial system in his country.





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