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Alibaba: Chinese regulator slaps huge fine on tech giant | Alibaba: Chinese regulator slaps huge fine on tech giant |
(7 months later) | |
The world's biggest online retailer - China's Alibaba - has been hit with a record fine equivalent to $2.75bn (just over £2bn). | The world's biggest online retailer - China's Alibaba - has been hit with a record fine equivalent to $2.75bn (just over £2bn). |
Regulators in China said the internet giant had abused its dominant market position for several years. | Regulators in China said the internet giant had abused its dominant market position for several years. |
In a statement the company said it accepted the ruling and would "ensure its compliance". | In a statement the company said it accepted the ruling and would "ensure its compliance". |
Analysts say the fine shows China intends to move against internet platforms that it thinks are too big. | Analysts say the fine shows China intends to move against internet platforms that it thinks are too big. |
China’s tech giants face new anti-monopoly rules | China’s tech giants face new anti-monopoly rules |
China opens door to Ant Group's stock market debut | China opens door to Ant Group's stock market debut |
The race to create the world's next super-app | The race to create the world's next super-app |
While not well known outside China, inside the country Alibaba is an ever-present behemoth, the BBC's Robin Brant reports from Shanghai. | While not well known outside China, inside the country Alibaba is an ever-present behemoth, the BBC's Robin Brant reports from Shanghai. |
The company is China's Amazon meets eBay, our correspondent says. Retail is its main activity but its work has spread to digital payments, credit and cloud computing. | The company is China's Amazon meets eBay, our correspondent says. Retail is its main activity but its work has spread to digital payments, credit and cloud computing. |
The fine amounts to 4% of Alibaba's revenue in 2019. | The fine amounts to 4% of Alibaba's revenue in 2019. |
Regulators say Alibaba restricted competition by stopping some sellers using other platforms. | Regulators say Alibaba restricted competition by stopping some sellers using other platforms. |
It is the latest in a chain of events targeting the company that kicked off last October, just after its high-profile co-founder, Jack Ma, told a gathering of China's leading regulators that they were stifling innovation. | It is the latest in a chain of events targeting the company that kicked off last October, just after its high-profile co-founder, Jack Ma, told a gathering of China's leading regulators that they were stifling innovation. |
Jack Ma is well-known in China as one of the country's most successful entrepreneurs. | Jack Ma is well-known in China as one of the country's most successful entrepreneurs. |
Why did China's most famous tech titan disappear? | Why did China's most famous tech titan disappear? |
"This penalty will be viewed as a closure to the anti-monopoly case for now by the market," Hong Hao, head of research at BOCOM International in Hong Kong, told Reuters news agency. | "This penalty will be viewed as a closure to the anti-monopoly case for now by the market," Hong Hao, head of research at BOCOM International in Hong Kong, told Reuters news agency. |
"It's indeed the highest profile anti-monopoly case in China. 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." | "It's indeed the highest profile anti-monopoly case in China. 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." |
The country's other tech giants are also coming under increasing pressure from regulators worried about their growing influence. | The country's other tech giants are also coming under increasing pressure from regulators worried about their growing influence. |
Last month 12 companies were fined over deals that violated anti-monopoly rules. The companies included Tencent, Baidu, Didi Chuxing, SoftBank and a ByteDance-backed firm. | Last month 12 companies were fined over deals that violated anti-monopoly rules. The companies included Tencent, Baidu, Didi Chuxing, SoftBank and a ByteDance-backed firm. |
You may also be interested in: | You may also be interested in: |
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What makes China's social media apps so unique? | What makes China's social media apps so unique? |
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