Larry Windrow
State Administration for Market Regulation of China Announced the decision to impose a fine Alibaba Group, Which is owned by millionaire Jack Flour, a $ 2.78 billion For violating the country’s hopeless laws. The electronics market company is considered the richest in that country.
“Under sections 47 and 48 of the no-confidence law, China’s market regulatory state administration imposed a 4% fine on the company nationally, considering the nature, duration and extent of the Alibaba Group’s illegal activities. Sales in 2019,” the company said in a statement.
Since the end of last year, it has been known that Alibaba and financial subsidiary Ant Group Co have been in Beijing’s view.. In 2020, the IPO of Alibaba’s online payment company Ant Group was canceled, which broke all records Shanghai and Hong Kong Parks.
The cancellation came after Chinese billionaire and Alibaba founder Jack Ma, Criticized the role of Chinese financial regulators in one speech, which was considered by many observers to be an order issued by the communist regime, especially since the man had not appeared in public for several months.
In doing so, the Chinese government wanted to teach billionaire Jack Mao a lesson in criticism of Chinese regulators for strengthening financial oversight in the high-tech sector.
Currently, Chinese officials are redesigning their relationship with Internet companies because it is already concerned about national security as it reaches all aspects of economic power, databases and the lives of citizens.
Laurence Malcom
