Alibaba

Chinese market regulator has fined e-commerce giant Alibaba Group 18.2 billion yuan ($2.8 billion), or 4 percent of its 2019 China sales of 455.7 billion yuan, after an investigation into the company.

The marks a major e-commerce collaboration between the two large Chinese tech giants.

Alibaba's research and innovation institute DAMO Academy says it will increase its investment in technology in an effort to achieve major breakthroughs in areas including chips and quantum computing.

Alibaba's revenue for the third quarter of fiscal 2021 increased 37% year-on-year to RMB 221.08 billion ($34 billion), beating market expectations of RMB 214.158 billion and was higher than the RMB 161.456 billion in the same quarter last year.

Alibaba was fined because of its investment in the acquisition of Intime Retail's equity interest.

SAIC invested 5.4 billion yuan, Zhangjiang invested 1.8 billion yuan, and Alibaba and other companies invested 2.8 billion yuan in the project, local reports said.

Alibaba's revenue rose 30 percent year-on-year to RMB 155.06 billion in the second quarter of fiscal 2021, which ended September 30, 2020, slightly ahead of market expectations of RMB 154.84 billion.

To support Alibaba's record-breaking transaction peaks, five super data centers, including Zhang Bei, Ulanqab, Heyuan, Nantong and Hangzhou, will work together to provide computing power during the Singles Day shopping festival on November 11, said Zhou Ming, vice president of Alibaba Group and head of Alibaba Cloud's infrastructure unit. 

Alibaba on November 2 announced the launch of the Central China headquarters project in Wuhan, Hubei province, and the park is expected to be completed in 2026.

Hangzhou Municipal Government and Ant Group signed a strategic cooperation framework agreement, and Ant Group's global headquarters officially settled in Hangzhou to accelerate the creation of the country's "first city of digital economy".