Alibaba founder goes abroad for the first time after more than a year of 'hiding'

Billionaire Jack Ma has come to Europe, where he is on a tour to learn experience.

Billionaire Jack Ma went abroad for the first time in more than a year. (Photo: RIA)
Billionaire Jack Ma went abroad for the first time in more than a year. (Photo: RIA)

It is known that this program is related to agriculture and environmental technologies. According to SCMP, in previous years, Jack Ma traveled much more often, such as in 2018 he spent 3 days traveling.

Before going to Europe, the Alibaba businessman was in Hong Kong to spend time with his family.

Before that, billionaire Jack Ma almost kept his attitude normal for more than a year. He has stopped appearing in public after criticizing international financial rules in October and saying China should go its own way. In his opinion, the global rules do not correspond to China's level of development.

In April 2020, Alibaba announced that it fully accepted the record $ 2.78 billion fine imposed by the Chinese government for its unfair competitive behavior.

According to Chinese regulators, since 2015, billionaire Jack Ma's Alibaba group has abused its dominant position in the market to force companies doing business on its platform to follow the so-called "rule of law". the “choose one of the two” rule, which prohibits them from opening stores or participating in promotions on other competing platforms.

In addition to the fine, the agency asked Alibaba to strengthen internal controls and monitor compliance with regulatory requirements. Alibaba is obligated to maintain fair competition and report to the authorities within three years.

According to Reuters, the $2.78 billion fine represents about 4% of Alibaba's 2019 domestic revenue. The fine is more than double the $975 million that Qualcomm - the world's largest supplier of mobile phone chips - had to pay in China in 2015 for anti-competitive practices.

Since the end of September, Alibaba shares have risen 20% as investors are optimistic that the Chinese government's surveillance of Alibaba is coming to an end. Previously, the technology giant's shares have dropped 35% on both the New York and Hong Kong exchanges since December 2020.

Google Tech News - Infonet

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