China fines Alibaba record $2.75b for anti-monopoly violations
REUTERS/Aly Song
April 10, 2021
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.
Alibaba Group Fined Record $2.75 Billion for Anti-Monopoly Violations in China
The penalty, equivalent to around 4 percent of Alibaba s 2019 revenues, is the highest ever antitrust fine to be imposed in China. By Reuters | Updated: 10 April 2021 10:24 IST
Photo Credit: Reuters
Highlights
In December, China s SAMR announced an antitrust probe into Alibaba
Alibaba has said it accepted the decision
Chinese regulators have fined Alibaba Group Holding CNY 18 billion ($2.75 billion or roughly Rs. 20,500 crores) 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 four percent 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.
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.
HEADLINES & GLOBAL NEWS
By
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
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.