China’s Alibaba Group Holding Ltd. has been ordered to exit Taiwan within six months because the company violated investment rules required for Chinese companies in market, according to Reuters. Alibaba was fined NT$120,000 and must withdraw or transfer its holdings from its operation in Taiwan.
Taiwan’s Investment Commission had requested documents from Alibaba to clarify its shareholding, as the company entered Taiwan in 2008 as a Singapore-registered company, a year before subsidiaries of Chinese companies were allowed to enter the market, but those documents had not been provided. Alibaba may reapply to enter the Taiwan market if it meets the investment rules.
Alibaba CEO Jack Ma is supposed to give a speech on entrepreneurship to university students this afternoon at the National Taiwan University Sports Center.