China fines Alibaba after anti-monopolistic investigation
By Reuters
David Stanway and Scott Murdoch
JOHANNESBURG - CHINA slapped a record 18 â¯billion yuan (about R40bn) fine on Alibaba Group Holding on Saturday after an anti-monopoly probe found the e-commerce giant had abused its dominant market position for several years.
The fine, about 4â¯percent of Alibabaâs 2019 domestic revenues, comes amid a crackdown on technology conglomerates and indicates that Chinaâs 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 Maâs stinging public criticism of the countryâs regulatory system in October.
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