Alibaba in particular has been under scrutiny since last October, when co-founder Jack Ma criticised Chinese regulators as being behind the times. (AFP Photo)SHANGHAI: Chinese regulators hit the e-commerce giant Alibaba with a record 18.2 billion yuan (US$2.78 billion) fine on Saturday over practices deemed to be an abuse of the company's dominant market position. The fine appeared to cap a government crackdown on major Chinese tech platforms, and Alibaba in particular, over allegations of anti-competitive behaviour and misuse of consumer data. The State Administration for Market Regulation said it assessed the fine after concluding an investigation into Alibaba that began in December. The size of the penalty was determined after the market watchdog decided to fine Alibaba four percent of its 2019 sales of 455.7 billion yuan.

Source: Bangkok Post April 10, 2021 06:14 UTC