Alibaba Fined Record $2.75bn Over Monopoly Violations
China has hit Alibaba Group Holding with a record US$2.75 billion fine after an anti-monopoly probe found the e-commerce giant had abused its dominant market position for several years.
The fine amounts to about four percent of Alibaba’s 2019 domestic revenues.
It comes amid a crackdown on technology conglomerates as China ramps up antitrust enforcement on internet platforms.
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.