"The authorities ruled that the online giant was involved in anti-competitive practices, forcing merchants to avoid rival e-commerce platforms. Alibaba immediately accepted the fine, promising to ensure a more open operating environment for its merchants and partners.

Just two days after Alibaba was fined, another crown jewel of Jack Ma’s business empire, fintech company Ant Group, was ordered to restructure as a financial holding company. The move could affect investor interest in the firm and may have an impact on its attempt to go public. Ant’s IPO, which could have been the biggest in history, was abruptly halted last year over regulatory concerns."