China hits Alibaba with record $2.8 billion fine for behaving like a monopoly
CNN
China has ordered Alibaba to pay a record fine of 18.2 billion yuan ($2.8 billion) after antitrust regulators concluded that the online shopping giant had been behaving like a monopoly.
Chinese state media reported Saturday that the State Administration for Market Regulation had imposed the penalty following an antitrust investigation into Alibaba's (BABA) "exclusive dealing agreements" that prevented merchants from selling products on rival e-commerce platforms — a practice known as "choosing one from two." The fine is equivalent to 4% of Alibaba's sales in China in 2019, state news agency Xinhua reported, and dwarfs the previous record penalty of $975 million handed out to American chipmaker Qualcomm (QCOM) in 2015.
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