Case dropped against ex-Alibaba manager accused of sexual assault September 7, 2021 Prosecutors have dropped their case against a former Alibaba Group holding manager accused of sexual assault by a colleague. The manager, surnamed Wang, was investigated after a female subordinate published a viral account of being sexually assaulted and raped during a business trip. The female victim was ignored when she raised the assault with her [...]
Alibaba shares sink to record low as China regulations on tech continues August 19, 2021 Alibaba Group shares sank by 5.4 per cent to a record low in Hong Kong on Thursday, following the latest round of regulations on Chinese tech giants by Beijing. The shares fell after China reportedly said it was looking at separate and new regulatory proposals including heightening oversight of the live streaming industry and ensuring the [...]
Jack Ma’s Ant Group emerges as a steady ship amid China’s tech crackdown August 3, 2021 Fintech giant Ant Group, the brainchild of Chinese billionaire Jack Ma, has emerged a steady ship in its first-quarter amid a rocky political climate in China. Revenue rose to $31.8bn in the three months ending 30 June, a little below analyst forecasts. Following intense scrutiny from local regulators, the Chinese fintech giant has shifted into [...]
Alibaba founders pledge company stock to secure bank loans July 2, 2021 Chinese tycoons Jack Ma and Joe Tsai have pledged part of their combined $35bn (£25bn) stake in Alibaba in exchange for large loans from investment banks. The share pledges, which were made to lenders including UBS, Credit Suisse and Goldman Sachs, were made by offshore companies that control half of the two billionaire’s stake in [...]
China issues warning to tech firms after record Alibaba fine April 13, 2021 Chinese authorities have issued a stark ultimatum to more than three dozen tech companies, warning them to stop engaging in any practices that fall foul of new regulations. The country’s market regulator, which last week slapped Alibaba with a $2.8bn fine, said it summoned 34 companies including Tencent, JD.com and Tiktok owner Bytedance. The State [...]
China fines Alibaba a record £2bn after competition probe April 10, 2021 Chinese authorities have fined e-commerce giant Alibaba 18.2bn yuan (£2bn) over competition breaches, the largest penalty the country’s regulator has ever handed down. The fine, which amounts to about 4.0 per cent of the firm’s home country revenues, is the latest step in a crackdown on the tech firm after founder Jack Ma criticised China’s [...]
China asks Alibaba to sell media assets amid crackdown on Jack Ma March 16, 2021 China is said to have asked Alibaba to sell its assets in the media sector as Beijing continues to pile pressure on the company’s billionaire founder Jack Ma. The two sides have been in discussions over the matter since the beginning of the year, according to multiple media reports, with officials said to be shocked [...]
Alibaba billionaire Jack Ma dethroned as China’s richest man March 2, 2021 Alibaba founder Jack Ma has been dethroned as China’s richest man after disappearing from the public eye late last year, according to multiple media reports in China. The billionaire and Ant Group founder lost the title after his empire was placed under heavy scrutiny by Chinese authorities following challenges to fintech regulators he made in [...]
Alibaba beats revenue forecasts as China crackdown looms February 2, 2021 Alibaba beat revenue expectations for the third quarter as the ecommerce giant continued to benefit from higher demand during the pandemic despite a looming crackdown by Beijing. Total revenue hit 221bn yuan (£25bn) in the last three months of 2020, up 37 per cent year on year. This was driven by record revenue of 195.5bn [...]
Return of the Ma: Alibaba’s Jack is back after three-month lack January 20, 2021 Alibaba founder Jack Ma has made his first appearance today since disappearing from the public eye in October, driving up shares in the e-commerce giant. Speaking to a group of teachers over a video call, Ma eased concerns over his absence following Beijing’s regulatory crackdown on his e-commerce empire. Alibaba has been subject to an [...]