Caixin
Caixin Global – Latest China News & Headlines

Home >

ABOUT US

CX Tech is Caixin Global's real-time tech news portal, featuring 24-hour news, short-form analysis, and roundups from business and tech media in China.

TRENDING
India Ban Could Hit TikTok’s Parent Company to the Tune of $6 Billion
Meituan Eyes Robot-Enabled Deliveries with $14 Million Investment in PuduTech
Sina Weibo to Issue $750 Million in Bonds
LATEST
Trending in China: Shenzhen Thinks Only Children Should Get Paid Leave to Look After Their Parents - Cue Heated Debate
German Drugmaker BI Launches Shanghai Center to Harness Chinese Expertise
Chinese Self-Driving Truck Firm Aims to Cover Most of U.S. by 2024
Trending in China: Chinese Netizens Tell Indian Prime Minister Modi To ‘Shut The Door On The Way Out’ As He Quits Weibo
Trending in China: If You Can’t Beat Them, Join Them – Why Tencent is Laughing At Itself
Meituan Eyes Robot-Enabled Deliveries with $14 Million Investment in PuduTech
India Ban Could Hit TikTok’s Parent Company to the Tune of $6 Billion
Sina Weibo to Issue $750 Million in Bonds
Embattled Leshi Forced to Sell Smart TV, Livestreaming Trademarks
Autowise.ai and Swiss Cleaning Carmaker Launch Driverless Street Sweeper
Trending in China: How an ‘Old Godmother’ Took on China’s Internet Giant and Won
China’s IT Spending Expected to Hit $297 Billion: IDC
TikTok Moves Data Protection of European Users from U.S. to U.K. and Ireland
Trending in China: Dazed and Confused – China’s Elderly in Online Pandemic World
Alibaba-Owned Taobao Live Sacks Former Operating Head for Corruption
Tesla Supplier CATL Breaks Ground With New Battery Lab
Chinese Online Educator Zuoyebang Receives $750 Million Investment
Didi to Halt Service in Several Japanese Prefectures Citing Impact of Covid-19
Trending in China: ‘Robotaxis’ A Brave New World or Creating More Unemployment?
Lazada Appoints Former Alibaba Executive as New CEO
Alibaba to Pay $250 Million to Settle U.S. Lawsuit Over Counterfeit Products

By Tang Ziyi / Apr 30, 2019 02:45 PM / Finance

Photo: IC Photo

Photo: IC Photo

E-commerce giant Alibaba Group said on Monday that it will pay $250 million to settle a U.S. lawsuit against it for not disclosing a regulatory warning in China regarding sales of counterfeit products that was made shortly before its 2014 initial public offering (IPO).

The lawsuit, which has been pending since January 2015, came after China’s State Administration of Industry and Commerce released a white paper alleging the company allowed trademark-infringing products to be sold on its platform. The document was an account of a meeting between Alibaba and the commerce authorities in July 2014, two months before the company's $25 billion IPO in New York.

The document was withdrawn by the administration within the day, but sparked market concerns and led to many investors dumping the company's American depositary shares.

The company said in a securities filing on Monday that it expects the settlement to "bring to an end all pending securities litigation against the company."

Related: U.S. Gives Alibaba, Pinduoduo Black Marks for Knock-Offs

Share this article
Open WeChat and scan the QR code