Alibaba says it does not expect any material impact from regulatory action in China
Photographer: Qilai Shen/Bloomberg
China’s Alibaba does not expect any material impact from changes to its exclusivity arrangements with merchants, CEO Daniel Zhang said on Monday, after regulators fined the e-commerce giant a record $2.75 billion for abusing its market dominance.
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Ant Financial remains subject to an enforced restructuring.
The penalty is equivalent to around 4% of Alibaba’s 2019 revenues.
China recently imposed a record $2.75 billion fine on Alibaba amid a crackdown on tech conglomerates.
Alibaba has suffered another blow by losing the lead in domestic users to upstart rival Pinduoduo.
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