GNB Desk- China regulators have fined Alibaba Group Holding Ltd on Saturday a record 18 billion yuan ($2.75 billion) for violating anti-monopoly rules and abusing its dominant market position, marking the highest-ever antitrust fine to be imposed in the country.
In a Saturday statement, China’s State Administration for Market Regulation (SAMR) said this policy stifles competition in China’s online retail market and “infringes on the businesses of merchants on the platforms and the legitimate rights and interests of consumers, according to a translation of a Chinese-language statement.
In addition to the fine, which amounts to about 4% of the company’s 2019 revenue, regulators said Alibaba will have to file self-examination and compliance reports to the SAMR for three years.
Alibaba’s billionaire founder Jack Ma’s business empire has been particularly put under intense scrutiny after his stinging criticism of China’s regulatory system in late October.
In late December, China’s State Administration for Market Regulation (SAMR) announced it launched an antitrust probe into the company. That came after authorities halted a planned $37 billion IPO from Ant Group, Alibaba’s internet finance arm.
“This penalty will be viewed as a closure to the anti-monopoly case for now by the market. It’s indeed the highest profile anti-monopoly case in China,” said Hong Hao, head of research BOCOM International in Hong Kong.
“The market has been anticipating some sort of penalty for some time … but people need to pay attention to the measures beyond the anti-monopoly investigation, such as the divestment of media assets.”
Alibaba said in a statement posted on its official Weibo account that it “accepted” the decision and would resolutely implement SAMR’s rulings. It said it would also work to improve corporate compliance. The Chinese e-commerce giant said it will hold a conference call on Monday to discuss the penalty decision.
(With inputs from agencies)
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