Record Alibaba fine shows China’s big tech can’t fight back

A person walks past the Tao Doll mascot in front of a hotel near the Alibaba Group Holdings Ltd headquarters in Hangzhou, China. For Alibaba, the US$2.8bil (RM11.58bil) fine was less severe than many feared and helps lift a cloud of uncertainty hanging over founder Jack Ma’s Internet empire. — Bloomberg

After China imposed a record antitrust fine on Alibaba Group Holding Ltd, the e-commerce giant did an unusual thing: It thanked regulators.

“Alibaba would not have achieved our growth without sound government regulation and service, and the critical oversight, tolerance and support from all of our constituencies have been crucial to our development,” the company said in an open letter. “For this, we are full of gratitude and respect.”