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Jack Ma to cede control of Ant Group
Jack Ma will cede control of Chinese fintech giant Ant Group, the company has announced, following a Communist Party crackdown on the nation's tech sector that targeted the charismatic billionaire.
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China hits Alibaba with record $2.78bn fine for market abuses
Chinese regulators hit e-commerce giant Alibaba with a record 18.2 billion yuan ($2.78 billion) fine on Saturday over practices deemed to be an abuse of the company's dominant market position.
Amazon Closes its Online Shopping Platform in China
The global online e-commerce store admits that support for third-country traders in the mainland of the world's second-largest economy will be halted, reported Econ.bg
In view of the pressure from competitors, Amazon.com Inc. said on Thursday that it is planned "operational corrections" in China to "focus more on cross-border sales."
Alibaba is Considering Buying a Stake in the German Chain Metro
China's online giant Alibaba can acquire part of the German Metro trade chain operations on the Chinese market. This is what unnamed sources of Reuters say.
China's Alibaba to take $4.6 bn stake in retailer Suning
Chinese Internet giant Alibaba is to pay 28.3 billion yuan ($4.6 billion) for a near-20 percent stake in consumer electronics retailer Suning, the two companies said in a statement August 10.