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