China Objects to EU Fining Alibaba's AliExpress 550 Million Euros

China's Commerce Ministry said it strongly objects and is gravely concerned after the European Commission imposed a 550 million euro fine, or about HK$4.9 billion, on Alibaba's cross-border e-commerce platform AliExpress under the EU Digital Services Act, according to Ming Pao. The penalty was announced by the European Commission. AliExpress is a unit of Alibaba, which is listed in Hong Kong as 9988.