China Hits Alibaba With Huge $2.78 Billion Fine For Market Abuse: Report

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Xinhua news agency said the State Administration for Market Regulation had assessed the fine after concluding an investigation into Alibaba that began in December.

China Hits Alibaba With Huge $2.78 Billion Fine For Market Abuse: Report

Chinese regulators have hit e-commerce giant Alibaba with a massive 18.2 billion yuan fine.



Shanghai, China:

Chinese regulators have hit e-commerce giant Alibaba with a massive 18.2 billion yuan ($2.78 billion) fine over practices deemed to be an abuse of the company’s dominant market position, state-run media reported on Saturday.

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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