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Alipay Drops Off List of Shanghai Priority High-Tech Firms

  • Company was removed due to failure to meet R&D expenditure
  • Move could revoke certain tax benefits for the fintech giant
Updated on

China’s mobile payment giant Alipay was removed from a high-tech company list in Shanghai, adding to the woes at billionaire Jack Ma’s fintech operation. Co. failed to meet the spending requirement for research and development, according to a government notice on Sept. 8. The removal could revoke certain tax benefits.