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News 2021 - China fines Alibaba record $2 75 billion
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China fines Alibaba record Sh292 4billion for anti-monopoly violations
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China fines Alibaba record US$2 75 billion for anti-monopoly violations
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SHANGHAI/HONG KONG (April 10): 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.
A month later, authorities scuttled a planned US$37 billion IPO by Ant Group, Alibaba s internet finance arm, which was set to be the world s biggest ever. The State Administration for Market Regulation (SAMR) announced its antitrust probe into the company in December.
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SHANGHAI 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 revenues in 2019, comes amid an unprecedented regulatory crackdown on the home-grown technology conglomerates in the last few months that have weighed on company shares.
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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.