China hits Alibaba with record $2.78bn for market abuses

Alibaba

Chinese regulators hit e-commerce giant Alibaba with a record 18.2 billion yuan ($2.78 billion) fine on Saturday over practices deemed to be an abuse of the company's dominant market position. Alibaba, the Jack Ma-founded Chinese e-commerce leader and one of the world's most valuable companies, said it accepted the penalty and pledged to outline plans on Monday for bringing its operations in compliance. The fine appeared to cap a government crackdown on major Chinese tech platforms, and Alibaba in particular, over allegations of anti-competitive behaviour and misuse of consumer data. The State Administration for Market Regulation said it assessed the fine after concluding an investigation into Alibaba that began in December.