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

Penalty is equivalent to approximately 4 percent of Alibaba’s revenues in 2019 and comes amid Beijing’s unprecedented regulatory crackdown.

Chinese regulators have fined Alibaba Group Holding Ltd 18 billion yuan ($2.75bn) 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 approximately 4 percent of Alibaba’s revenues in 2019, came 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.