Mark Schiefelbein/AP Photo
Billionaire founder Jack Ma's tech empire has come under increased scrutiny from regulators.
"Alibaba accepts the penalty with sincerity," the company said in a statement.
China on Saturday fined Jack Ma's Alibaba Group a record $2.8 billion for abusing its leading market position.
Alibaba Group said in a statement that the penalty came from the State Administration for Market Regulation, which had been investigating it since December.
The fine was yet another sign that Chinese regulators have taken a more critical stance towards the tech empire built by Ma, one of the country's wealthiest moguls.
Speaking at a conference last fall, Ma made negative comments about international financial regulations. Chinese President Xi Jinping then reportedly halted a planned $37 billion initial public offering by Ant Group, another Ma company.