China fines Alibaba record $2.75b for anti-monopoly violations

China fines Alibaba record $2.75b for anti-monopoly violations

REUTERS/Aly Song

Chinese regulators have fined Alibaba Group Holding Ltd 18 billion yuan ($2.75 billion) 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 around 4% of Alibaba’s 2019 revenues, comes amid an unprecedented regulatory crackdown on home-grown technology conglomerates in the past few months that have weighed on company shares.

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