China Gave A Monopoly Penalty to Alibaba!

China-based e-commerce company Alibaba was fined for violating the antitrust law.

China gave a monopoly penalty to Alibaba. China fined e-commerce giant Alibaba $ 2.8 billion. The reason for this penalty was the anti-monopolization violation. In a statement made by the State Market Regulatory Authority (SAMR), it was claimed that Alibaba limits competition and abuses its dominance in the market by preventing the free movement of goods. The State Market Regulatory Authority announced on March 12 that 12 companies, including Tencent, Chinese search engine Baidu Inc, Didi Mobility and Softbank, were fined $ 77,000 each for violating the anti-antitrust law. China introduced the new regulations on February 8 to prevent monopolistic practices by large technology companies. In December 2020, the government announced to Alibaba that it launched an anti-monopoly review. In this context, government called on Ant Group to hold a meeting to discuss high-level financial arrangements.