After a series of targets from Chinese regulators, Alibaba has for the first time posted a loss since it first went public as a company in 2014. Its total operating loss was 7.66 billion yuan due to the fines.
Although the firm performed better than experts anticipated, the firm has lost an estimated $240 billion in stocks since the crackdown begun while trying to file an initial public offering for Ant Group, which eventually failed.
Alibaba has not been the only victim in the crackdown, even though a major one, but companies like Tencent, Mietuan have also been fined in recent times. The conglomerate has also been required by regulators to divest some of its holdings.