China’s e-commerce giant Alibaba Holding Ltd has been the target of a Chinese government regulatory crackdown. Alibaba had to sell all of its 5.01 percent stake in media company Mango Excellent Media Co Ltd.
The sale comes less than a year since Alibaba invested in December 2020. At that time Chinese authorities issued an anti-trust crackdown (anti-trust crackdown) against big tech companies.
One of the main targets is Alibaba, which faces a fine of $2.7 billion. This is quoted from the Channel News Asia page, Friday (24/9/2021).
In a filing on Thursday, September 23, 2021 to the stock exchange, the media company said Alibaba’s investment unit had been ignoring the lockdown for one year since the investment was made.
Since then, Mango Excellent Media’s shares have fallen about 40 percent. The company based in Hunan, West China, produces internet (online media) and television content. Besides running a subsidiary in the shopping sector. Alibaba did not respond to this statement.
Alibaba’s share price has nearly halved since October 2020. As a result of the Chinese government’s sudden halt to plans for affiliate financial firm Ant Group to go public.
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