China regulators fine Alibaba $2.75 billion for anti-monopoly violations By Reuters

China regulators fine Alibaba $2.75 billion for anti-monopoly violations By Reuters

© Reuters. FILE PHOTO: FILE PHOTO: The logo of Alibaba Group is seen at its office in Beijing

SHANGHAI (Reuters) – Chinese regulators have fined Alibaba (NYSE:) 18 billion yuan ($2.75 billion) – around 4% of its revenues in 2019 – for violating anti-monopoly rules and abusing its dominant market position.

The State Administration for Market Regulation has also ordered Alibaba to make “thorough rectifications” to strengthen internal compliance and protect consumer rights.

($1 = 6.5522 yuan)

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