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China anti-monopoly probe, slaps record $2.75bn fine on Alibaba Group
- Sunday | 11th April, 2021
SHANGHAI/HONG KONG (Reuters) -China slapped a record 18 billion yuan ($2.75 billion) fine on Alibaba Group Holding Ltd on Saturday, after an anti-monopoly probe found the e-commerce giant had abused its dominant market position for several years. The State Administration for Market Regulation (SAMR) announced its antitrust probe into the company in December. “This penalty will be viewed as a closure to the anti-monopoly case for now by the market. It’s indeed the highest-profile anti-monopoly case in China,” said Hong Hao, head of research BOCOM International in Hong Kong. The practice, which the SAMR has previously spelt out as illegal, violates China’s antimonopoly law by hindering the free circulation of goods and infringing on the business interests of merchants, the regulator added.
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