Alibaba Group fined $2.78 billion for abusing market domination

CGTN

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China's State Administration for Market Regulation (SAMR) has slapped a fine of 18.23 billion yuan ($2.78 billion) on Alibaba Group for indulging in a monopolistic act of abusing its dominant market position.

The SAMR said in a notice on Saturday that it had made an administrative penalty decision under China's anti-monopoly law, ordering Alibaba Group to stop illegal activities and imposing a fine of 4 percent on its 2019 domestic sales of 455.71 billion yuan, totaling 18.23 billion yuan.