Alibaba hit with record £2bn fine for breaching competition rules

Alibaba faces legal action over counterfeit goods

Chinese ecommerce giant Alibaba has been hit with an Y18.3bn (£2bn) fine after an investigation ruled that it had abused its market position. 

China’s anti-monopoly regulator handed out the hefty punishment after finding that Alibaba had restricted sellers from doing business or running promotions on rival platforms.

The fine amounts to around 4% of Alibaba’s revenue in China during 2019. It marks a statement of intent from Beijing in its drive to curtail the dominance of online companies such as Alibaba and JD.com, which were only lightly regulated until recently.

 

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