Alibaba fined $2.8B for antitrust violations in China

Saturday, 10. April 2021 04:18

The Chinese State Administration for Market Regulation (SAMR) said that it is fining Alibaba Group Holding Ltd. approximately $2.77 billion for breaching the country's anti-monopoly laws.

The regulator accused Alibaba of "abusing market dominance" by not allowing merchants to utilize other e-commerce platforms and hindering the free circulation of goods.

Following the announcement, Alibaba's stated that it accepts the decision and would work to implement changes demanded by the SAMR.

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Breaking the News / MD