Alibaba Group Holdings (BABA.NYSE) and China’s State Administration for Industry and Commerce have toned down a spat that had reduced the company’s market capitalization by almost US$30 billion last week, South China Morning Post reported. A white paper issued by the administration accusing Alibaba’s subsidiary Taobao of allowing the rampant sale of counterfeit goods has been taken down, and a statement posted to the regulator’s website claimed the paper was not actually a white paper but a report only for “internal reference” that did not have any legal implications. Xinhua reported that chairman Jack Ma had met with the regulator’s minister and pledged to weed out fake goods on the platform.
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