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China fines Alibaba record $2.75bn for anti-monopoly violations – Aljazeera.com
Penalty is equivalent to about 4 percent of Alibaba’s revenues in 2019 and comes unprecedented regulatory crackdown.
Chinese regulators have fined Alibaba Group Holding Ltd 18 billion yuan ($2.75bn) 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 approximately 4 percent of Alibabas revenues in 2019, came amid an unprecedented regulatory crackdown on the home-grown technology conglomerates in the last few months that have weighed on company shares.
Alibabas billionaire founder Jack Mas business…
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