China's leading market watcher has launched an investigation into Alibaba into alleged anti-competitive practices at the e-commerce firm. This is Beijing's most recent drive to contain the country's ever-growing internet titans.
The state administration for market regulation said Thursday in a brief statement that it is investigating Alibaba for its one-of-two-choice policy, which forces traders to sell exclusively on Alibaba and skip rival platforms JD.com and Pinduoduo .
Alibaba cannot be reached immediately for comment.
On the same day, state-backed Xinhua reported that the Ant Group, Alibaba's subsidiary, had been asked by a group of tax authorities to discuss its compliance work. Ant, who works as a broker for financial services and customers, is committed to taking steps to curb debt risk to Chinese Authorities abruptly canceled his whopping IPO last month.
“Today Ant Group received a meeting note from regulators. We will seriously review and strictly adhere to all regulatory requirements and make every effort to complete all related work, ”the company said in a statement.
There's more to come …