In China Alibaba Group is one of the biggest online commerce companies, has been fined $2.75 billion by Chinese controls. The platform was fined for violating anti-monopoly laws and abusing its powerful rank in the market or business. In 2019, Fine is the highest ever to be imposed in the nation, though it hardly makes up about 4 percent of Alibaba’s revenues. The fine comes at a time amid unprecedented administrative crackdowns against related firms in the last few months that have been weighing down on group shares.
Now The billionaire founder of the Alibaba Group Jack Ma has his business empire under massive investigation following his criticism of China’s regulatory policy in October. Last year in December, China’s State Administration for Market Regulation (SAMR) advertised an antitrust campaign against the firm. The announcement appeared after Chinese authorities put a stop to a projected $37 billion IPO (Initial Public Offering) from Ant Group, Alibaba’s internet finance arm.
In 2015, SAMR noticed that the Alibaba Group had been ‘abusing market dominance. The group had been preventing its merchants from using other e-commerce programs. These systems violated China’s anti-monopoly regulation and the company was assigned to make ‘thorough rectifications’ to guarantee agreement with these laws and to defend consumer preferences. Alibaba’s official statement announcing that it accepted the decision and would quickly work on implementing SAMR’s laws.