4/10, 4:18 AM (Source: TeleTrader)
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Alibaba fined $2.8B for antitrust violations in China

The Chinese State Administration for Market Regulation (SAMR) said that it is fining Alibaba Group Holding Ltd. approximately $2.77 billion for breaching the country's anti-monopoly laws.

The regulator accused Alibaba of "abusing market dominance" by not allowing merchants to utilize other e-commerce platforms and hindering the free circulation of goods.

Following the announcement, Alibaba's stated that it accepts the decision and would work to implement changes demanded by the SAMR.

Breaking the News / MD