News ID: 302026
Published: 0224 GMT April 10, 2021

China fines Alibaba billions for market abuses

China fines Alibaba billions for market abuses

Chinese regulators have hit e-commerce company Alibaba with a fine of 18.2 billion yuan ($2.78 billion) over practices deemed to be an abuse of its dominant market position, according to state-run media.

The Xinhua news agency reported on Saturday the state administration for market regulation had assessed the fine after concluding an investigation into Alibaba that began in December.

The investigation and fine centered on Alibaba’s alleged practice of requiring its member merchants to sell exclusively on its platforms.

China tells Alibaba to sell off media assets in tech crackdown

The size of the penalty was reportedly determined after regulators decided to fine Alibaba to the value of four percent of its 2019 sales.

   
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