Alibaba stock and fine payment details. Alibaba Group Holdi | TITAN Financial
Alibaba stock and fine payment details.
Alibaba Group Holdings Ltd (9988.HK) rallied as much as 9% in Hong Kong trading as a major source of uncertainty for the company has been removed, and the fine and action taken are no longer onerous after the relief. The Chinese authorities fined the company a record $ 2.78 billion for violating antitrust laws, and they agreed to the punishment, calling it fair.
In addition to imposing a fine, one of the world's highest antitrust penalties, the State Market Regulatory Administration (SAMR) has ordered Alibaba to make "thorough fixes" to strengthen internal compliance and consumer protection. The fine is more than double the $ 975 million paid in China by Qualcomm, the world's largest supplier of mobile phone chips, in 2015 for anti-competitive practices.
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