Chinese regulators have fined Alibaba Group, the world’s biggest e-commerce company, 18.3 billion yuan ($3.7 billion) for anti-competitive tactics.
- The company said it “accepts the penalty with sincerity”
- China’s Communist Party is making anti-monopoly enforcement, especially in tech, a priority this year
- Founder Jack Ma disappeared temporarily from public view earlier this year after criticising regulators
The State Administration for Market Regulation on Saturday announced Alibaba was fined for “abusing its dominant position” to limit competition by retailers that use its platforms and hindering “free circulation” of goods.
It said the fine was equal to 4 per cent of Alibaba’s total 2019 revenue.