Peking The Chinese State Market Regulation Authority fined the online retailer Alibaba 18 billion yuan (60 billion crowns) for abusing its dominant market position and violating antitrust rules. Reuters reported on Saturday, referring to the Chinese media.
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The sum represents about four percent of the company’s revenues in 2019. In a statement placed on the Weibo social network, Alibaba stated that it had “accepted” the authority’s decision and complied.
The State Market Regulatory Authority stated that the investigation launched in December concluded that Alibaba had “abused its dominant market position” since 2015. It prevented companies that sold goods through it from using other internet sales platforms. The Office further stated that the internet seller violates the antitrust law by preventing the free circulation of goods and violating the business interests of the sellers.
Alibaba and its financial subsidiary Ant Group have been in the sights of the Beijing authorities since the end of last year, when its founder Jack Ma sharply criticized the Chinese regulatory system in his speech. Regulators have already taken significant action against Ant, which they see as a risk to the financial system, forcing the company to make changes that seriously jeopardize its future outlook.
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