China fined 20 thousand crore rupees on Jack Ma’s

China fined 20 thousand crore rupees on Jack Ma’s Company. After several restrictions, the Chinese government has now taken major action against Jack Ma’s company Alibaba in violation of anti-monopoly rules. Beijing has fined Alibaba Group $ 2.8 billion (more than Rs 20 thousand crores). Indeed, the Communist Party of China is concerned about the increasing dominance of China’s Internet companies, including Alibaba. His concern is also high because now these companies are expanding their business in finance, health services, and other sensitive areas. The party says that the top of its priorities this year is to end the monopoly of technology companies.

China fined 20 thousand crore rupees on Jack Ma's

According to China’s State Administration for Market Regulation, the Alibaba Group has violated anti-monopoly rules. Also, he has misused his credibility in the market. Therefore, a $ 2.8 billion fine has been imposed against the company. This amount of fine is equal to about four percent of the revenue earned by Alibaba in 2019. The penalty imposed on Alibaba is double the penalty awarded by Qualcomm Inc. in 2015.

On the other hand, the company has said that it will call a conference in Hong Kong on Monday morning to discuss the fine. Alibaba has not expressed any resentment against this decision. The company said, ‘Alibaba accepts fines with honesty and will be determined to ensure its compliance. In order to fulfill its responsibility towards society, Alibaba will work according to the law. An opinion editorial written in the government newspaper People’s Daily on Saturday said that the government is well aware of the role of Internet companies in economic and social development. The penalty does not mean that the government has made any change in its policy regarding tech companies. This penalty has been imposed so as to create an environment of healthy competition among Internet companies. China fined 20 thousand crore rupees on Jack Ma’s Company.

Had acquired Hong Kong’s oldest newspaper a few days ago

Alibaba entered the media industry by acquiring Hong Kong’s 118-year-old newspaper South China Morning Post. He then bought stakes in Chinese media companies such as news website 36KR, state-owned Shanghai Media Group, China’s Twitter-like platform Weibo, and other digital and print news outlets. Angered by this, the Chinese government had last month asked Alibaba to withdraw its stake in media companies.

Few such disputes with the government

Jack Ma, in a speech in Shanghai in October last year, criticized the country’s financial regulators and state-owned banks. He called the global banking regulator a ‘club of old people’, demanding reforms in the system. His criticism came as a shock to the Chinese government and he had stopped the Ant Group’s $ 37 billion IPO coming in November. Jack Ma did not even appear in public for nearly two months after criticism from the government. The mystery about him was deepened when he did not even appear in the final episode of his talent show Africa’s Business Hero. In this episode, an Alibaba official made his appearance in place of Ma. Jack Ma’s disappearance was then discussed worldwide. Jack Ma then appeared in a video program.

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