SHANGHAI (Reuters) – Chinese regulators have fined Alibaba 18 billion yuan ($2.75 billion) – around 4% of its revenues in 2019 – for violating anti-monopoly rules and abusing its dominant market position.
The State Administration for Market Regulation has also ordered Alibaba to make “thorough rectifications” to strengthen internal compliance and protect consumer rights.
($1 = 6.5522 yuan)
(Reporting by Cheng Leng and David Stanway; Editing by Himani Sarkar)
