China hits Alibaba with record US$2.78 billion fine
AFP, SHANGHAI
Chinese regulators yesterday hit e-commerce giant Alibaba Group Holding Ltd (阿里巴巴) with a record 18.2 billion yuan (US$2.78 billion) fine over practices deemed to be an abuse of the company’s dominant market position.
Alibaba, the Chinese e-commerce leader cofounded by Jack Ma (馬雲) and one of the world’s most valuable companies, said it accepted the penalty and pledged to outline plans yesterday for bringing its operations into compliance.
The fine appeared to cap a government crackdown on major Chinese tech platforms, and Alibaba in particular, over allegations of anti-competitive behavior and misuse of consumer data.
China: Alibaba fined $2 8 billion over anti-monopoly onenewspage.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from onenewspage.com Daily Mail and Mail on Sunday newspapers.
China fines Alibaba record $2.75 billion for anti-monopoly violations
FILE PHOTO: FILE PHOTO: The logo of Alibaba Group is seen at its office in Beijing
SHANGHAI/HONG KONG (Reuters) – Chinese regulators have fined Alibaba Group Holding Ltd 18 billion yuan ($2.75 billion) for violating anti-monopoly rules and abusing its dominant market position, marking the highest ever antitrust fine to be imposed in the country.
The penalty, equivalent to around 4% of Alibaba’s 2019 revenues, comes amid an unprecedented regulatory crackdown on home-grown technology conglomerates in the past few months that have weighed on company shares.
Alibaba’s billionaire founder Jack Ma’s business empire has been particularly put under intense scrutiny after his stinging criticism of China’s regulatory system in late October.
China fines Alibaba record $2 75 billion for onenewspage.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from onenewspage.com Daily Mail and Mail on Sunday newspapers.
HEADLINES & GLOBAL NEWS
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Apr 10, 2021 03:42 AM EDT
Chinese authorities fined Alibaba Group Holding Ltd 18 billion yuan or $2.75 billion for breaking antitrust rules and exploiting its dominant business position, the country s highest-ever antitrust fine.
The fine, which amounts to around 4 percent of Alibaba s 2019 sales, comes despite an ongoing regulatory crackdown on homegrown technology conglomerates in recent months, which has weighed on the company s stock. Since his detailed indictment of China s regulatory framework in late October, Alibaba s billionaire founder Jack Ma s business empire has been especially scrutinized.
China penalizes Alibaba for anti-monopoly violations
(Photo : Lintao Zhang/Getty Images)
China International Import Expo (CIIE) - Day One SHANGHAI, CHINA - NOVEMBER 05: Alibaba Chairman Jack Ma speaking duirng the Hongqiao International Economic and Trade Forum in the China International Import Expo at the National Exhibition and Convention Centre