China fines Alibaba billions for alleged market abuses

China fines Alibaba billions for alleged market abuses

The Guardian

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Platform co-founded by Jack Ma, who has criticised Chinese authorities, misused its dominance, say state regulators

Chinese regulators have hit e-commerce company Alibaba with a fine of 18.2bn yuan (US$2.78bn) over practices deemed to be an abuse of its dominant market position, according to state-run media.

The Xinhua news agency said the state administration for market regulation had assessed the fine after concluding an investigation into Alibaba that began in December.

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