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China tech

Alibaba posts first quarterly loss since IPO after antimonopoly fine

CEO Zhang vows heavy investment in new businesses to fend off rivals

Excluding the boost from a recent acquisition, Alibaba revenue grew at its slowest annual pace in at least five years.   © Reuters

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.

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