China’s market regulator is investigating a joint venture between e-commerce giant Alibaba and Minmetals Development, Minmetals announced on Monday, April 19, amid a broad antitrust clampdown on internet firms.
Minmetals said in a statement that it received a notice from the State Administration for Market Regulation in recent days about an investigation into the joint venture formed in 2015, in which Alibaba transferred its 44% stake to an unrelated firm in 2019.
The investigation follows the record US$2.75 billion antitrust fines imposed on Alibaba earlier this month.
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