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Chinese market s regulator denied it was planning to fine Alibaba almost $1 billion for anti-competitive behaviour China denies plan for $1 billion Alibaba fine, but tech firms take a blow | Photo Credit: ANI
China denied on Friday it was planning to hit e-commerce giant Alibaba with a record fine of almost $1 billion for allegedly flouting monopoly rules, as authorities turned up the pressure on the country s vast technology sector.
Alibaba, China s largest online shopping portal, has been in the crosshairs of authorities in recent months over concerns of its reach into the daily finances of ordinary Chinese people.
The market s regulator denied it was planning to fine the company almost $1 billion for anti-competitive behaviour, as reported by the Wall Street Journal, who cited unnamed sources familiar with the matter.