China hits Alibaba with record $2.78bn fine for market abuses
Shanghai (AFP) April 10, 2021
Chinese regulators hit e-commerce giant Alibaba with a record 18.2 billion yuan ($2.78 billion) fine on Saturday over practices deemed to be an abuse of the company's dominant market position. Alibaba, the Jack Ma-founded Chinese e-commerce leader and one of the world's most valuable companies, said it accepted the penalty and pledged to outline plans on Monday for bringing its operations in
