China's top market watchdog has begun a probe into Alibaba over alleged anti-competition practices at the e-commerce firm, the latest of Beijing's efforts to curb the country's ever-expanding internet titans.
The State Administration for Market Regulation said Thursday in a brief statement that it is investigating Alibaba over its “choosing one from two” policy, in which merchants are forced to sell exclusively on Alibaba and skip rivaling platforms JD.com and Pinduoduo.
Alibaba cannot be immediately reached for comment.
On the same day, state-backed Xinhua reported that Ant Group, Alibaba's affiliate, has been summoned by a group of finance authorities to discuss its “compliance” work. Ant, which works as an intermediary for financial services and customers, has pledged to take measures to curb debt risks after Chinese authorities abruptly called off its colossal initial public offering last month.
“Today, Ant Group received a meeting notice from regulators. We will seriously study and strictly comply with all regulatory requirements and commit full efforts to fulfill all related work,” the firm said in a statement.
More to come…