HONG KONG -- Chinese e-commerce conglomerate Alibaba Group Holding swung to a net loss of 5.5 billion yuan ($850 million) in the January-to-March quarter, hit by a record 18 billion yuan fine from Beijing over anticompetitive practices.
"We recorded a loss this quarter for the first time since our history as a public company," said Daniel Zhang, chairman and chief executive, on a call with analysts Thursday.
