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China&#39;s e-commerce giant Alibaba Group Holding Ltd has posted its first ever quarterly loss after being forced to cough up a staggering $2.8 billion anti-monopoly fine as part of the crackdown by the Xi Jinping administration on promoter Jack Ma&rsquo;s business empire.</p>
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Alibaba reported a $852 million net loss for the Jan-March quarter. The company&rsquo;s shares are down about 35% from its October peak, just before Jack Ma&rsquo;s spoke out against outmoded regulations in the Chinese financial system which had triggered a reprisal from the Communist country&rsquo;s leadership that scrapped a $35 billion initial public offering by his Ant Group Co. and started an investigation into Alibaba&rsquo;s business operations.</p>
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The company&rsquo;s share price fell by 6% in the Hong Kong stock exchange after the results despite the forecast of a strong revenue for 2022&nbsp; as online shopping is expected to remain buoyant during the pandemic.</p>
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Alibaba Group Holding Ltd pledged to invest in new growth arenas, and plans to move forward after the setback.&nbsp; &quot;The penalty decision motivated us to reflect on the relationship between a platform economy and society, as well as our social responsibilities and commitments,&quot; Chief Executive Daniel Zhang said in an earnings call.</p>
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&ldquo;We accept the penalty with sincerity and will ensure our compliance with determination,&rdquo; the CEO said. &ldquo;During the past fiscal year, we have gone through all kinds of challenges, including the Covid-19 pandemic, fierce competition as well as an anti-monopoly investigation and penalty decision by Chinese regulators. We believe the best way to overcome these challenges is to look forward and invest.&rdquo;</p>
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