China may hit Alibaba with record fine: report

Posted By : Rina Latuperissa
3 Min Read

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China is considering imposing a record fine of nearly US$1 billion on e-commerce giant Alibaba for allegedly flouting monopoly rules, according to a report, as authorities continue to put the screws on the firm as part of a crackdown on the technology sector.

The penalty could top the $975 million paid by US chipmaker Qualcomm in 2015 – the biggest known for anticompetitive practices in China – the Wall Street Journal report said, citing unnamed “people with knowledge of the matter.”

Antitrust regulators in charge of Alibaba’s case did not immediately respond to queries on the report, which was published by the Journal late Thursday.

The company, China’s largest online shopping portal, has been in the crosshairs of authorities in recent months over concerns of its reach into the daily finances of ordinary Chinese people.

But its legal troubles began after comments in October last year by billionaire founder Jack Ma in which he laid into China’s convoluted regulatory system.

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