China’s main corporate regulator, the State Administration for Industry and Commerce, released a report summarizing its findings of the deficiencies on Alibaba’s sites, including Taobao Marketplace and Tmall.com. In a statement on its website, the regulator said that after a thorough review, it had discovered “the long-term existence of illegal problems regarding the management of transaction activity and other issues.”
The agency said that it had presented the findings to unidentified top Alibaba executives in a July 17 meeting at the company’s headquarters in the eastern city of Hangzhou, but that it had kept the results confidential at the time so as “not to affect Alibaba’s preparations for a stock market listing.”
Alibaba went on to raise a record $25 billion in September in an initial public offering in New York.
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