China's top e-commerce platform Alibaba Group Holding Ltd on Thursday posted its first quarterly operating loss since going public in 2014 due to a record anti-monopoly fine by the country's market regulator.
Chinese e-commerce giant Alibaba Group Holding has frozen pay raises for senior executives in 2021, and is instead giving junior staff bigger pay rises, sources said, in an effort to retain its main workforce.
China is preparing a substantial fine for Tencent as part of its sweeping antitrust clampdown on internet giants, but it is likely to be less than the $2.75 billion penalty imposed on Alibaba earlier this month.
China slapped a record 18 billion yuan ($2.75 billion) fine on Alibaba Group Holding Ltd on Saturday, after an anti-monopoly probe found the e-commerce giant had abused its dominant market position for several years.
JD.com Inc is in talks to buy part or all of a stake in brokerage Sinolink Securities worth at least $1.5 billion, three people said, as the e-commerce major aims to bolster its financial services operations.