January 29, 2015 / 1:22 PM / in 3 years

Alibaba says SAIC report flawed, preparing formal complaint

SHANGHAI/BEIJING (Reuters) - A Chinese regulator’s report that criticized Alibaba Group Holding Ltd for failing to do enough to stamp out illegal business on its platforms was flawed and the company is preparing a formal complaint, Executive Vice Chairman Joe Tsai said on Thursday.

A cleaner waters the flowers below a logo of Alibaba (China) Technology Co. Ltd at the company's headquarters on the outskirts of Hangzhou, Zhejiang province November 21, 2013. REUTERS/Chance Chan

Tsai said Alibaba first saw the White Paper from the State Administration for Industry and Commerce (SAIC) when it was made public on Wednesday. He also said the company never requested that the SAIC delay the publication of information in the report, which summarized a July meeting between the company and SAIC.

Tsai was speaking on a conference call after the company reported that its quarterly revenue climbed 40 percent to $4.22 billion, falling short of analysts’ expectations.

Reporting by John Ruwitch in Shanghai and Paul Carsten in Beijing; editing by Susan Thomas

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