Key events during China’s regulatory crackdown on Alibaba by Reuters

SHANGHAI (Reuters) – China’s State Administration of Market Regulation (SAMR) said on Friday that Alibaba (NYSE: ) The group has completed three years of “rectification” following a record $2.75 billion fine levied in 2021 for monopolistic practices.

The regulator said Alibaba had achieved “good results” and would continue to “guide” the e-commerce giant to “regulate operations and improve compliance and quality”.

Here’s a timeline of the key events leading up to and after the fine.

NOV. 10, 2020 – CHINA PUBLISHES DRAFT ANTI-MONOPOLY RULES FOR INTERNET PLATFORMS

China has published draft rules aimed at preventing monopolistic behavior by internet platforms, increasing control of online marketplaces and payment services by firms such as Alibaba.

APRIL. 10, 2021 – REGULATOR HITS ALIBABA WITH RECORD FINE

China has imposed a record 18 billion yuan ($2.75 billion) fine on Alibaba after an anti-monopoly probe concluded the firm had “abused market dominance” since 2015 by preventing merchants from using other trading platforms electronic.

DEC. 6, 2021 – ALIBABA REPLACES CFO, REORGANIZE E-COMMERCE BUSINESS

Alibaba said it will reorganize its international and domestic e-commerce businesses and replace its chief financial officer. The changes come at a time of increased competition and slowing economic growth, as well as increased regulatory scrutiny.

APRIL. 30, 2022 – CHINA SIGNALS EASE OF TECHNOLOGY SECTOR CRACKDOWN

The Politburo, following a meeting chaired by President Xi Jinping, said it would increase policy support, including for the so-called platform economy, to boost economic activity after a period of growth-sapping COVID-19 containment measures .

APPLE. 28, 2023 – ALIBABA BREAKS BUSINESS INTO SIX UNITS

Alibaba announced the biggest restructuring in its 24-year history, saying it would split into six units and explore listings for most of them as the government promised to ease a regulatory crackdown and support private enterprises.

JUNE 20, 2023 – ALIBABA GROUP CEO RESIGNS

Alibaba said then chief executive and chairman Daniel Zhang would step down to focus on its cloud division. Eddie Yongming Wu, president of Alibaba’s Taobao and Tmall, took over as CEO and executive vice president Joseph Tsai became president.

septum. 10, 2023 – DANIEL ZHANG QUIT CLOUD BUSINESS

Zhang is exiting the cloud business in a development that caught market watchers by surprise. Wu takes over the unit.

NOV. 16, 2023 – ALIBABA SRAPS CLOUD UNIT LISTING

Alibaba has announced it will not divest its cloud business as previously planned, citing uncertainty created by US export restrictions on chips used in artificial intelligence applications.

DEC. 20, 2023 – WU CEO FURTHER CONSOLIDATES POWER BY TAKING ON DOMESTIC E-COMMERCE

CEO Wu has begun directly overseeing Alibaba’s domestic e-commerce arm, a core area for attention and investment as it fends off competition from low-cost rivals such as PDD. Pinduoduo (NASDAQ:).

APPLE. 26, 2024 – LISTING OF ALIBABA RAZÁTURI LOGISTICS UNIT

Alibaba abandoned plans to list Cainiao and said it would instead buy the rest of the shares it did not already own in the logistics unit for up to $3.75 billion.

AUG. 15, 2024 – ALIBABA RAISES CHINA CONSUMER REVENUE ESTIMATES

Alibaba reported revenue that rose 3.9 percent, though it missed market expectations and fell well below the 30 percent growth in the same quarter three years earlier. Its stock has fallen 72% since the announcement of antitrust rules in November 2020, putting its value at $200 billion from its peak of $830 billion.

AUG. 30, 2024 – REGULATOR DEFINES ALIBABA COMPLETED THREE-YEAR ‘RECTIFICATION’

Alibaba described the regulator’s announcement as “a new starting point for development” and said it would continue to “promote the healthy development of the platform economy and create more value for society.”