Asia
Alibaba Wins Beijing’s Approval, Ending Years-Long Scrutiny
- Antitrust watchdog says Alibaba has ceased monopolistic acts
- Fallout from the crackdown years persists across the industry
Sigange for Alibaba Group Holding Ltd. in Beijing.
Source: Bloomberg
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Alibaba Group Holding Ltd. has secured the endorsement of China’s antitrust watchdog more than three years after a landmark probe into its online behavior, suggesting Beijing is keen to signal its support for the country’s giant internet sector.
China’s e-commerce leader has ceased the monopolistic practices that prompted an investigation more than three years ago, the State Administration for Market Regulation said in a statement. It stopped forcing exclusive arrangements on merchants, improved services for shoppers and fostered competition among online platforms, the agency said. Alibaba’s US-traded shares rose 4.2% Friday morning in New York.