Chinese Alibaba is in the Red

A billion-dollar fine for market abuse brought the Internet giant a quarterly loss of 975 million euros. The company and its boss have long since fallen out of favor with Beijing’s leadership.

A record fine for market abuse brought the Chinese online giant Alibaba a massive quarterly loss. In the first quarter of this year, Alibaba made a loss of the equivalent of 975 million euros, as the group announced. In view of the “potential of the Chinese market”, however, he was optimistic about the current year.

The state authority for market regulation recently imposed a fine of four percent of 2019 sales on Alibaba – the equivalent of 2.3 billion euros. Without this penalty, the operating profit in the first quarter would have been the equivalent of 1.3 billion euros, as Alibaba. announced.