$BABA

In the wake of the fine, Alibaba published an open letter addressed to its customers and the public. In the letter, Alibaba said that it accepts the penalty with «sincerity and will ensure our compliance with determination,» It also said the punishment reflects the regulators’ thoughtful and normative expectations toward industry’s development. «It is an important action to safeguard fair market competition and quality development of internet platform economies,» the letter read. The company also said that it will further strengthen focus on customer value creation and experience, as well as continuing to introduce measures to lower entry barriers and business costs of operating on the platform.