China fines Alibaba $2.eight billion after antitrust investigation

Alibaba Nanjing Headquarters
Picture by Fang Dongxu/VCG through Getty Photos

China has hit Alibaba, one of many nation’s greatest on-line retailers, with a document $2.eight billion (18.2 billion yuan) effective, after an investigation discovered the ecommerce big violated China’s anti-monopoly legislation, The New York Occasions reported. The effective, which represents four p.c of Alibaba’s 2019 home gross sales, is thrice increased than the $975 billion effective China imposed on US chip firm Qualcomm again in 2015.

The Chinese language authorities launched an investigation into Alibaba in December to find out whether or not the corporate was stopping retailers from promoting their merchandise on different platforms. China’s market regulator discovered that Alibaba’s practices had a detrimental impact on on-line retail competitors and innovation. Alibaba used knowledge and…

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