May 11, 2021

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China fines Alibaba $2.78b for market abuses



Sahnghai: Chinese regulators have hit e-commerce giant Alibaba with a massive 18.2 billion yuan ($2.78 billion) fine over practices deemed to be an abuse of the company’s dominant market position, state-run media reported on Saturday.

Xinhua news agency said the State Administration for Market Regulation had assessed the fine after concluding an investigation into Alibaba that began in December.

Sahnghai: Chinese regulators have hit e-commerce giant Alibaba with a massive 18.2 billion yuan ($2.78 billion) fine over practices deemed to be an abuse of the company’s dominant market position, state-run media reported on Saturday.