Exterior of Alibaba Group headquarters in Beijing on November 10, 2019 in Beijing, China.
VCG | Visual China Group | Getty Images
Chinese regulators beat Alibaba with a fine of 18.23 billion yuan ($ 2.8 billion) in their anti-monopoly investigation into the technology giant.
In a statement on Saturday, China’s state administration for market regulation accused Alibaba of abusing its market dominance.
Regulators opened an investigation into the company’s monopolistic practices in December. The main focus of the study was a practice that forces traders to choose one of the two platforms, rather than being able to work with both.
The government said “pick one” and other policies enabled Alibaba to strengthen its position in the marketplace and gain unfair competitive advantages.
“Alibaba accepts the punishment with sincerity and will ensure that it is enforced with determination,” Alibaba said in a statement. “To serve its responsibility to society, Alibaba will operate in accordance with the law with the utmost dedication, continue to strengthen its compliance systems and build on growth through innovation.”
The company added that it will hold a conference call at 8am Hong Kong time on Monday to discuss the fine.
The announcement is the latest development in China’s crackdown on its technology companies. Regulators are increasingly concerned about the power of China’s tech giants, especially those active in the financial sector.
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