Chinese regulators have decided to impose fines of $ 76,000 on Alibaba Group and a unit of Tencent Holding, for not announcing previous acquisitions, in accordance with antitrust laws China.
According to Arabiya Net, the violations of Alibaba Group go back to 2017 when it increased its share in the Intime chain of stores to more than 73% without obtaining the approval of the State Administration for Market Regulation. < / p>
This comes after regulators announced in November their intention to increase oversight of major Chinese technology companies through new antitrust rules.
The Chinese company Alibaba revealed quarterly profits and revenues that exceed analysts' estimates, with its trade and cloud computing businesses benefiting from the Corona epidemic, which boosted online shopping and work from home.
The results of the Chinese company's business showed that it recorded a net profit of 47.59 billion yuan ($ 6.74 billion), equivalent to 17.36 yuan per share in the three months ending last June, Up from 21.26 billion yuan (8.06 yuan per share) in the corresponding quarter.
According to business results, Alibaba reported adjusted earnings per share of US deposit of 14.82 CNY in the past quarter, which is higher than 12.55 yuan a year ago. Higher than analysts' expectations of 13.82 yuan.
As for the revenue of the Chinese company, it rose to 153.75 billion yuan in the quarter ended last June, compared with 114.92 billion yuan recorded revenues in the same period of 2019, an increase 34% year on year.
> Revenue from the core business rose 34% in the first fiscal quarter ending last June, to 133.32 billion yuan ($ 19.27 billion).
while cloud computing revenue grew 59%.
