CNBC's Arjun Kharpal, Evelyn Cheng and Eunice Yoon contributed to this report. In January, the eccentric billionaire briefly reappeared in a video as part of one of his charity foundation's initiatives.Īnt has since committed to listing and said it would help employees monetize shares. In 1987, believing that consumer confusion between Anti-Monopoly and Anti-Monopoly II was harming sales of the latter game, Anspach ceased the production of the original game and removed the 'II' from the name of the latter game. Ma appeared to come under fire for comments that were critical of China's financial regulator, saying the country's financial system was "the legacy of the Industrial Age."Īfter the Ant IPO was suspended, Ma dropped out of the spotlight, fueling speculation over his whereabouts. When that was overturned in 1983, the name was changed to ' Anti-Monopoly II '. The China Securities Regulatory Commission also summoned Ma and other Ant execs ahead of that announcement. Much of that heightened scrutiny has sharpened around the business empire of billionaire Jack Ma, who founded both Alibaba and Ant Group.Īnt's highly anticipated initial public offering was abruptly suspended in November shortly after Chinese regulators published new draft rules on online micro-lending, a key part of the company's business. Regulators have been increasingly concerned about the power of China's tech giants, particularly those who operate in the financial sector. The announcement is the latest development in China's crackdown on its technology companies. The company added it will hold a conference call on Monday at 8 a.m. "Alibaba would not have achieved our growth without sound government regulation and service, and the critical oversight, tolerance and support from all of our constituencies have been crucial to our development," the company said. Alibaba said it fully cooperated with the investigation, conducted a self-assessment and already implemented improvements to its internal systems. The company said in a statement it accepted the penalty and will comply with the SAMR's determination. In addition to the fine, which amounts to about 4% of the company's 2019 revenue, regulators said Alibaba will have to file self-examination and compliance reports to the SAMR for three years. Chinese tech giants including Alibaba Group and Tencent Holdings were fined Saturday for failing to report corporate acquisitions, adding to an anti-monopoly crackdown by the ruling Communist Party. The government said that "choose one" policy and others allowed Alibaba to bolster its position in the market and gain unfair competitive advantages. Anti-monopoly law enforcement authorities shall treat market players equally, focus on preventing and prohibiting monopolistic conduct, improve the legal rules. In a Saturday statement, China's State Administration for Market Regulation (SAMR) said this policy stifles competition in China's online retail market and "infringes on the businesses of merchants on the platforms and the legitimate rights and interests of consumers," according to a CNBC translation of a Chinese-language statement.
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