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 revenues in 2019, comes amid an unprecedented regulatory crackdown on the home-grown technology conglomerates in the last few months that have weighed on company shares. Alibaba’s billionaire founder Jack Ma’s business empire has been particularly put under intense scrutiny after his stinging criticism of China’s regulatory system in late October. In late December, China’s State Administration for Market Regulation (SAMR) announced it launched an antitrust probe into the company. That came after authorities halted a planned $37 billion IPO from Ant Group , Alibaba’s internet finance arm. SAMR said on Saturday that after an investigation launched in December, it had determined that Alibaba had been “abusing market dominance” since 2015 by preventing its merchants from using other online e-commerce platforms. It said the practice violates China’s anti-monopoly law by hindering the free circulation of goods and infringing on the business interests of merchants. The SAMR ordered Alibaba to make “thorough rectifications” to strengthen internal compliance and protect… Read full this story
- Google appeals record $5 billion EU antitrust fine
- Who Is Jack Ma? Alibaba Chairman Worth $40 Billion Says He Is Retiring
- Alibaba Backpedals On Promise To Bring 1 Million Jobs To U.S., Blames Trump Tariff War
- China’s King of Internet Fluff Wants to Conquer the World
- Single ticket wins record $1.537 billion Mega Millions jackpot in South Carolina
- How Alibaba’s Jack Ma became the role model for China’s startup generation
- U.S. vs. China Trade War: Can U.S., Donald Trump Win the Trade War with China?
- Knight Investment Limited – Alibaba – Ant Financial Expands Payment Portals to UK
- Trump’s Trade War With China Will Last for 20 Years, Warns Alibaba Chief Jack Ma
- Jack Ma Says Donald Trump's Trade War With China Could Lead to Military Conflict
Why Alibaba has been fined record $2.75 billion by China have 323 words, post on www.gadgetsnow.com at April 10, 2021. This is cached page on Gatofuns. If you want remove this page, please contact us.