Business
Chinese government fines Alibaba $3.7 billion for anti-competitive behaviour – ABC News
Chinese regulators hit the Alibaba Group, the world’s biggest e-commerce company, with a penalty equivalent to 4 per cent of its total 2019 revenue for anti-competitive…
Chinese regulators have fined Alibaba Group, the world’s biggest e-commerce company, 18.3 billion yuan ($3.7 billion) for anti-competitive tactics.
Key points:
- The company said it “accepts the penalty with sincerity”
- China’s Communist Party is making anti-monopoly enforcement, especially in tech, a priority this year
- Founder Jack Ma disappeared temporarily from public view earlier this year after criticising regulators
The State Administration for Market Regulation on Saturday announced Alibaba was…
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