The Hangzhou-based company was fined 18.2 billion yuan ($ 2.78 billion) last month as part of efforts by regulators to rein in digital platforms that have unprecedentedly dominating the daily lives of hundreds of millions of Chinese consumers.
However, Alibaba said that its business continued to record steady growth and that had it not been for the fine imposed on it, it would have recorded an operating profit of $ 1.6 billion, an increase of 48%.
And I checked Alibaba, Tencent, and JD. Com and other big tech companies are a hugely lucrative business thanks to the Chinese increasingly following the digital lifestyle and government restrictions on major US competitors in the domestic market.
But concern has mounted about its dominance in China, where tech-savvy consumers use it to communicate, shop, pay bills, book taxis, request loans and carry out other daily tasks.
Alibaba was particularly put under the microscope, after billionaire co-founder Jack Ma criticized Chinese regulators in October for curbing efforts to lend on the Internet and wealth management and offer insurance products by Ant Group, the branch that handles online payments in favor of Ali Baba. (Agencies)