Alibaba cops record $2.8bn fine in Chinese antimonopoly probe
11 April 2021 - 18:39
Beijing — China slapped a record $2.8bn fine on Alibaba Group Holding after an antimonopoly probe found it abused its market dominance, as Beijing clamps down on its internet giants.
The 18.2bn-yuan penalty is triple the previous high of almost $1bn that US chipmaker Qualcomm had to pay in 2015, and was based on 4% of Alibaba’s 2019 domestic revenue, according to China’s antitrust watchdog. The company will also have to initiate “comprehensive rectifications”, from protecting merchants and customers to strengthening internal controls, the agency said in a weekend statement...
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