BYND Stock – China’s market regulator investigates Alibaba-Minmetals JV By Reuters
© Reuters. FILE PHOTO: The logo of Alibaba Group is seen at its office in Beijing
BEIJING (Reuters) -China’s market regulator is investigating a joint venture between e-commerce giant Alibaba (NYSE🙂 Group and Minmetals Development, Minmetals said on Monday, amid a broad antitrust clampdown on internet firms.
Minmetals said in a statement that it received a notice from the State Administration for Market Regulation in recent days about an investigation into the joint venture formed in 2015, in which Alibaba transferred its 44% stake to an unrelated firm in 2019.
Alibaba declined to comment.
The investigation follows the record $2.75 billion antitrust fine imposed on Alibaba earlier this month.
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