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Surge in illegal bank loan-funded China property buys worries regulators
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China stocks end lower as policy tightening fears mount ahead of GDP data
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Alibaba targeted by Chinese regulators following Jack Ma s criticisms
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Jack Ma s Alibaba fined $2 75 billion for anti-monopoly violations
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China fines Alibaba after anti-monopolistic investigation
By Reuters
David Stanway and Scott Murdoch
JOHANNESBURG - CHINA slapped a record 18 â¯billion yuan (about R40bn) fine on Alibaba Group Holding on Saturday after an anti-monopoly probe found the e-commerce giant had abused its dominant market position for several years.
The fine, about 4â¯percent of Alibabaâs 2019 domestic revenues, comes amid a crackdown on technology conglomerates and indicates that Chinaâs antitrust enforcement on internet platforms has entered a new era after years of laissez-faire approach.
The Alibaba business empire has come under intense scrutiny in China since billionaire founder Jack Maâs stinging public criticism of the countryâs regulatory system in October.