Chinese regulators handed tech giant Alibaba a record penalty of RMB18.2 billion after a monthslong anti-monopoly investigation.
State-run newspaper People’s Daily posted news of the penalty via Weibo on Saturday morning, which stated that the State Administration for Market Regulation assessed the fine for the company’s abuse of its favorable market position.
The regulator said Alibaba forced merchants to list products on just one of two ecommerce platforms – with no option of choosing both, CNBC reports.
The fine totaled the value of 4% of Alibaba’s 2019 domestic sales.
Alibaba CEO Daniel Zhang said the company will lower entry barriers for businesses…
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