Penalty equals some 4% of Alibaba s 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 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 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.
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 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.
Alibaba and Ant Group founder Jack Ma has lost his title as China s richest man, a list published today showed, after he angered Beijing and his empire was put under heavy scrutiny by Chinese regulators
China levies record fine on IT giant Alibaba under anti-monopoly laws msn.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from msn.com Daily Mail and Mail on Sunday newspapers.