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Chinese regulators imposed the maximum penalty of 1.5 million yuan ($235,257) on Alibaba-backed community group-buying platform Nice Tuan after the company failed to rectify product dumping and pricing fraud.
E-commerce giant Alibaba is under investigation for alleged monopolistic practices, according to a notice posted on the official website of the State Administration for Market Regulation (SAMR) on Dec. 24.
Alibaba Group Holding’s U.S.-listed shares plunged 13.3% to $34.18 on Dec. 24, after news broke that the e-commerce giant will be investigated by anti-trust regulators.
Chinese regulators have summoned representatives from Tesla for talks over quality and safety issues of its vehicles.