Alibaba Group Holding Ltd said on Monday it will pay $250 million to settle a U.S. lawsuit faulting the company for concealing a regulatory warning about its ability to stop counterfeiting before it went public in 2014.
The US on Thursday added China’s third-largest e-commerce platform to its list of “notorious markets” for violations of intellectual property rights and kept China on its priority watch list for counterfeiting concerns.
Amazon.com Inc said it will shut its China online store by July 18, as the U.S. e-commerce giant focuses on the lucrative businesses of selling overseas goods and cloud services in the world’s most populous nation.
Japanese cosmetics giant Shiseido has signed a business partnership with Alibaba to develop new products for the Chinese market. It said the tie-up will also see the companies collaborate on marketing and ecommerce.
On Monday, France’s Secretary of State for Digital Affairs, Mouni Mahjoubi, castigated Amazon for not being among the signatories of the code of conduct for e-tailers and the SMEs selling products on their sites.
Tencent shareholder Naspers plans to float a portion of its e-commerce ventures on Euronext in Amsterdam, a move South Africa’s biggest company said on Monday will create a $140 billion European internet giant.
Foxconn Ventures Holdco has sold $398.4 million worth of Alibaba Group Holding Ltd’s shares, in a block trade in the open market managed by Goldman Sachs Group Inc, people familiar with the matter said on Wednesday.
Tencent Holdings is set to report on Thursday its sharpest quarterly profit decline in more than 13 years, as its failure to launch new blockbuster games due to China's regulatory review capped revenue growth.