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Alibaba Completes Three-Year Rectification; SAMR Reports 4% Stock Rise

Aug 30, 2024, 10:13 AM

China's State Administration for Market Regulation (SAMR) announced that Alibaba Group has successfully completed a three-year rectification process, which was initiated due to monopolistic practices. The process, which began in April 2021 following a CNY18.2 billion (USD2.8 billion) fine, aimed to improve compliance, service quality, and efficiency. SAMR noted that Alibaba has ceased the monopolistic practices that prompted the investigation in 2020, marking a significant milestone in the company's regulatory journey. As a result, Alibaba's stock saw a 4% increase in premarket trading. The completion of this process is seen as a new start for Alibaba, potentially boosting fair competition in the online retail sector.