Alibaba says SAIC report flawed, preparing formal complaint
[SHANGHAI] A Chinese regulator's report that criticised Alibaba Group Holding Ltd for failing to do enough to stamp out illegal business on its platforms was flawed and the company is preparing a formal complaint, Executive Vice Chairman Joe Tsai said on Thursday.
Mr Tsai said Alibaba first saw the White Paper from the State Administration for Industry and Commerce (SAIC) when it was made public on Wednesday.
He also said the company never requested that the SAIC delay the publication of information in the report, which summarised a July meeting between the company and SAIC.
Mr Tsai was speaking on a conference call after the company reported that its quarterly revenue climbed 40 per cent to US$4.22 billion, falling short of analysts' expectations.
REUTERS
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Consumer & Healthcare
Billionaire Geiger is said to near US$7 billion L’Occitane buyout
HCA beats first-quarter profit estimates on higher patient admissions
US FDA approves Pfizer’s gene therapy for rare bleeding disorder
EU toughens rules on Chinese fashion retailer Shein
Best World under fire from shareholders at AGM over dividends, director salaries
‘Extreme’ climate blamed for world’s worst wine harvest in 62 years