Page 3 - Propitious Research News Today : Breaking News, Live Updates & Top Stories | Vimarsana

* 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...

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 cou...