China fines Alibaba $2.75billion for violation of anti-monopoly rules

Chinese regulators have fined Alibaba Group Holding Ltd 18 billion yuan (an equivalent of $2.75 billion) 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 around 4% of Alibaba‚Äôs 2019 revenues, comes amid an unprecedented regulatory crackdown on… Read More China fines Alibaba $2.75billion for violation of anti-monopoly rules