On August 30, the State Administration for Market Regulation announced that Alibaba had successfully completed its three-year reform program, achieving significant results. The rectification began in April 2021, when Alibaba was fined 18.2 billion RMB ($2.6 billion) for unfair competition and was ordered to conduct a comprehensive self-inspection and rectification. As the three-year period comes to an end, the e-commerce landscape and competitive dynamics have shifted considerably. According to DBS Bank, Alibaba held a 52% market share in China’s e-commerce sector in 2021. However, a 2023 report by Goldman Sachs shows that Alibaba’s market share has decreased to 41%, while JD.com and Pinduoduo now hold 20% and 19%, respectively.