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Xi Jinping fined Rp 41T, Alibaba even shares ‘obsessed’

 


Jakarta, CNBC Indonesia – Alibaba’s share price on the Hong Kong Stock Exchange jumped 8% on Monday’s deal (12/04/2021) after the company was fined18.23 billion yuan or the equivalent of 41 trillion rupees (exchange rate 2,230 Rp / yuan) by Chinese regulators as a result of the antimonopoly investigation.

The Chinese government headed by President Xi Jinping has in fact imposed sanctions on the company made by Jack Ma. Alibaba is listed on the New York Wall Street Stock Exchange (NYSE) with the stock code BABA and on the Hong Kong Stock Exchange. with trading code 9988.

Trade data noted that Alibaba’s share in Hong Kong fell to 6.51% at HK $ 232.20 from 8% initially. Last week, BABA shares on NYSEalias Wall Street fell 2.16% to US $ 223.31 / share.


“Despite the record amount of fines set, we believe this will place a huge burden on BABA shares and bring the market’s attention back to fundamentals,” Morgan Stanley wrote in a note on Sunday, a day after the fines were issued. . .

Chinese regulators opened an anti-monopoly investigation at Alibaba in December. Its main goal is to force merchants to list their products on one of the two ecommerce platforms, rather than choosing both.

The authorities argue that the “one-choice” policy and other policies allow Alibaba to improve its market position and gain an unfair competitive advantage.

The Chinese State Administration of Market Regulation (SAMR) considers that this practice hinders competition in the Chinese online retail market and “violates the activities of traders on the platform and the legitimate rights and interests of consumers. “.

Alibaba CEO Daniel Zhang said he did not expect a material impact on the company from the change in exclusivity agreement.

Zhang also said that Alibaba will introduce new measures to reduce barriers to entry and costs for businesses and traders on the platform. The company will also continue to expand in China’s small towns and rural areas.

Chinese tech companies have grown, largely unencumbered, and continue to be giants. But President Jinping’s Beijing government is increasingly concerned about the strength of these companies.

Regulatory oversight has focused on the empire of Alibaba founder Jack Ma after the billionaire made several comments in October that appeared critical of Chinese financial regulators. Shortly after, regulators suspended the initial public offering (IPO) of Ant Group, the fintech giant founded by Ma.

Joe Tsai, deputy chief executive of Alibaba, said on Monday that he was not aware of any further investigations into the anti-monopoly law.

“We are happy to be able to overcome this problem,” said Joe Tsai.

But Tsai said Alibaba and its group were subject to questions from regulators about mergers, acquisitions and strategic investments as part of the review process.

In addition to fines, which accounted for around 4% of the company’s revenue in 2019, regulators said Alibaba had to file its own checks and compliance reports with SAMR for 3 years.

“To fulfill its responsibility to society, Alibaba will operate in accordance with the law with great diligence, continue to strengthen its compliance system and develop its growth through innovation,” Alibaba said in a statement.

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