China’s e-commerce titan Alibaba hit with antitrust probe – TechCrunch

China’s top market watchdog has begun an Alibaba investigation over alleged anti-competition practices at the e-commerce firm, the latest of Beijing’s efforts to curb the country’s ever-growing Internet titans.

The state administration for market regulation said in a brief on Thursday Statement It is investigating Alibaba’s policy of “choosing one of the two”, forcing merchants to sell exclusively on Alibaba and should abandon rival platforms of and Pinduoduo.

Alibaba could not immediately be reached for comment.

On the same day, state-backed Xinhua Reported The Ant Group, an ally of Alibaba, has been called by a group of finance executives to discuss its “compliance” work. Ant, which acts as an intermediary for financial services and customers, has resolved to take measures to curb debt risks after sugar. Officials suddenly Was called Its broad initial public offering last month.

“Today, the Ant Group received a meeting notice from the regulators. We will seriously study all regulatory requirements and make full efforts to fulfill all related functions. said in a statement.

more to come…