Online sales accounted for nearly a fifth of total retail turnover last year as lockdowns to combat the spread of the coronavirus pandemic fuelled a boom in e-commerce, a United Nations study released on Monday showed.
Chinese e-commerce giant Alibaba Group Holding has frozen pay raises for senior executives in 2021, and is instead giving junior staff bigger pay rises, sources said, in an effort to retain its main workforce.
China is preparing a substantial fine for Tencent as part of its sweeping antitrust clampdown on internet giants, but it is likely to be less than the $2.75 billion penalty imposed on Alibaba earlier this month.
Ant Group is eyeing options for Jack Ma to divest his stake in the firm and give up control, as meetings with Chinese regulators signaled that the move could help draw a line under Beijing's scrutiny of its business.
China slapped a record 18 billion yuan ($2.75 billion) fine on Alibaba Group Holding Ltd on Saturday, after an anti-monopoly probe found the e-commerce giant had abused its dominant market position for several years.