Chinese tech behemoth Alibaba has been fined a record $2.75 billion, equivalent to £2 billion for abusing its dominant market position for several years. The fine is almost three times the previous biggest fine imposed on any company in China. In 2015, Qualcomm, biggest global supplier of mobile phone chips had to pay $975 million on charges of practicing anticompetitive policies.
Chinese regulator State Administration for Market Regulation (SAMR) in its ruling said that the online retail conglomerate constrained competition by preventing some sellers from using rival’s e-commerce platforms since 2015.
Alibaba, which is listed in New York and Hong Kong stock exchanges, has accepted the ruling, and said that the company would ensure that the ruling is fulfilled, and it would also work to improve corporate compliance.