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China regulators fine Alibaba $2.75 billion for anti-monopoly violations
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China regulators fine Alibaba $2.75 billion for anti-monopoly violations
Reuters / Updated: Apr 10, 2021, 11:30 IST
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The Alibaba said on its official Weibo account that it accepted the decision.
SHANGHAI/HONG KONG: 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.
The logo of Alibaba Group is seen at its office in Beijing, China. Reuters/File
China slapped a record $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 four per cent of Alibaba’s 2019 domestic revenues, comes amid a crackdown on technology conglomerates and indicates China’s antitrust enforcement on internet platforms has entered a new era after years of a laissez-faire approach.
The Alibaba business empire has come under intense scrutiny in China since billionaire founder Jack Ma’s stinging public criticism of the country’s regulatory system in October.
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The regulatory troubles that have beset Jack Ma since November may be nearing their end, culminating in a hefty fine slapped on the Chinese tech entrepreneur s biggest brand.
What Happened: China fined Ma s
Alibaba Group Holding Ltd (NYSE: BABA) a record $2.8 billion after a monopoly probe found that the company had abused its dominant market position, Reuters reported.
The regulator also ordered Alibaba to make thorough rectifications to strengthen internal compliance and protect consumer rights.
The Chinese government said that Alibaba had used anti-competitive practices in its online retail market.
According to state-run Xinhua news agency, the penalty came from the State Administration for Market Regulation, which had been investigating it since December. The size of the penalty was determined after regulators decided to fine Alibaba 4% of its 2019 sales of 455.7 billion yuan.
UPDATE 4-China fines Alibaba record $2.75 bln for anti-monopoly violations Reuters 2 hrs ago
(Adds fresh analyst, newspaper comments, background)
SHANGHAI/HONG KONG, April 10 (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.