Chinese regulators have hit e-commerce company Alibaba with a fine of 18.2bn yuan (US$2.78bn) over practices deemed to be an abuse of its dominant market position, according to state-run media, The Guardian reports.
The Xinhua news agency said the state administration for market regulation had assessed the fine after concluding an investigation into Alibaba that began in December.
The investigation and fine centred on Alibaba’s alleged practice of requiring its member merchants to sell exclusively on its platforms.
The size of the penalty was determined after regulators decided to fine Alibaba to the value of 4% of its 2019 sales, Xinhua said.
