Alibaba Denies CMC Status, Confirms Business Continuity
(RTTNews) - Alibaba Group Holding Ltd. (BABA, 9988.HK), an e-commerce and technology company, on Monday said the U.S. Department of Defense has included the company on its list of Chinese Military Companies. The company said it believes the inclusion is a mistake and that there
(RTTNews) - Alibaba Group Holding Ltd. (BABA, 9988.HK), an e-commerce and technology company, on Monday said the U.S. Department of Defense has included the company on its list of Chinese Military Companies.
The company said it believes the inclusion is a mistake and that there is no basis to conclude Alibaba should be placed on the list.
The U.S. Department of Defense is prohibited from procuring, directly or indirectly, goods, services, or technology from entities on the CMC list.
The Group said it is not a CMC and is not part of any military-civil fusion strategy.
The company said it will take all available legal action against attempts to misrepresent the company.
Alibaba said the designation will not affect its ability to conduct business in the United States or elsewhere because the group does not engage in U.S. military procurement-related business.
The company said the list does not impose export controls or sanctions and does not prohibit business dealings with the group or transactions in its securities.
Alibaba Group is currently trading 0.84% lesser at HK$117.800 on the Hong Kong Stock Exchange.
