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April 10, 2021
* Penalty equals some 4% of Alibabas 2019 China revenue * SAMR says Alibaba abusing market dominance since 2015 * Alibaba accepts decision, says it will implement rulings SHANGHAI/HONG KONG, April 10 (Reuters): China slapped a record 18 billion yuan (US$2.75 billion) fine on Alibaba Group Holding Ltd on Saturday, after an anti-monopoly probe found the e-commerce giant had abused its dominant market position for several years. The fine, about 4% of Alibabas 2019 domestic revenues...
April 10, 2021
China slapped a record 18 billion yuan (£2billion) fine on Alibaba Group Holding Ltd on Saturday, after an anti-monopoly probe found the e-commerce giant had abused its dominant market position for several years. The fine, about 4 per cent of Alibabas 2019 domestic revenues, comes amid a crackdown on technology conglomerates and indicates Chinas antitrust enforcement on internet platforms has entered a new era after years of a laissez-faire approach. The Alibaba business empire has come under ...