China fines Alibaba record $2.75b for anti-monopoly violations

China fines Alibaba record $2.75b for anti-monopoly violations

REUTERS/Aly Song

Chinese regulators have fined Alibaba Group Holding Ltd 18 billion yuan ($2.75 billion) for violating anti-monopoly rules and abusing its dominant market position, marking the highest ever antitrust fine to be imposed in the country.