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Alibaba has fined 265 million in China


Chinese regulator Alibaba Group Holding Limited has been fined £ 2.75bn by Chinese regulators for violating its monopoly business policy and abusing its dominant position in the market.

The country has never before been fined such a large amount in such cases, the Reuters news agency reported.


However, this huge fine should not be imposed on Alibaba. The penalty they have to pay is close to 4 percent of their 2019 income.


For the past few years, China has been keeping a close eye on its large domestic tech companies; Observers believe that Alibaba has been fined in its continuation.


Jack Ma, the founder of this e-commerce giant, harshly criticized China's management of the market in October last year; Since then, a comprehensive investigation has been launched into the billionaire's dealings.


In December, SAMR, China's market regulator, launched an investigation into allegations of "unfair practices" against Alibaba to ensure corporate monopoly.


At the center of the research was the practice of "choosing one of the two", based on a monopoly entrepreneurial mindset. The special cooperation agreement that merchants or sellers had to make with Alibaba prevented them from delivering products on other platforms.


Following the investigation, regulators fined Alibaba 1.8 billion yuan (2.75 billion British pounds, about 23.5 billion Bangladeshi rupees).


In November, Chinese regulators also forced Ant Group, a subsidiary of Alibaba, to suspend its listing on the stock exchange.


Although Alibaba was fined, it is not known if any decision has been made on Ant Group's initial public offering (IPO).


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