Alibaba fined ચી 2.8 billion in China for monopoly attempt

Another blow after Jack Maan's entry into the Ant Group's stock market was suspended last year

BEIJING: Alibaba Group, the world's largest e-commerce company, was fined 18.3 billion yuan (2. 2.8 billion) by Chinese regulators on Saturday. Following the non-competitive rituals adopted by the company, it has been fined, thus the ruling Communist Party wants to strengthen its grip on the fast-growing tech industry.

Party leaders are concerned that China's major Internet companies, such as Alibaba, dominate at a time when the industry is expanding into finance, healthcare services and other sensitive sectors. The party says enforcing laws against monopolies in the technology industry is a priority this year.

Alibaba has been fined for abusing its dominant position to limit retailers' competition by using its platform and obstructing the free movement of goods, the state administration on market regulation said. He said the fines amount to 455.712 billion yuan, or 4 percent of the કુલ 69.5 billion, for 2019.

The move comes as a shock to Alibaba and its billionaire founder Jack Ma. In November, regulators suspended Alibaba-owned Ent Group's entry into the stock market. As a result, the e-commerce company's financial platform was isolated. Jack Ma is one of the wealthiest people in China and one of the best known entrepreneurs.

He disappeared after criticizing regulators in a November speech. This situation came about after the suspension of Ant Group. However financial experts said regulators are concerned that the Ant Group does not have adequate financial risk control. Launched in 1999, Alibaba operates on retail, business-to-business and consumer-to-consumer platforms.

It has expanded tremendously in financial services, filmmaking and other fields. Tencentholding's ten companies that handle games and popular WeChat messaging were fined 500,000 yuan (77 77,000) in March. The fine was imposed for non-disclosure of previous acquisitions and other details.

In February, the government issued guidelines in protest of the monopoly, including the goal of conducting non-competitive rituals such as making exclusive deals with merchants and using subsidies to eliminate competitors. Regulators said in December that they would test the non-competitive tactics adopted by the Alibaba group, which had adopted a strategy of avoiding dealing with its competitors by telling them to choose one or two.