Chinese authorities have fined Alibaba a record amount

News

Chinese authorities have fined Alibaba a record amount

12.04.2021 News

The State Administration of Market Control on Saturday, April 10, announced a fine of 18.22 billion yuan ($ 2.78 billion) from Alibaba for antitrust violations. This is stated in a statement published on the regulator’s website.

“Impose a fine of 4% of the company’s domestic sales for 2019 of 455.712 billion yuan, which is a total of 18.228 billion yuan,” – said in a statement posted on the regulator’s website.

According to the authorities, since 2015, Alibaba has abused its dominant position in the market and forced companies trading on its platform to obey the so-called “er xuan and” principle (“choose only one of the two”), ie forbade them to open stores or participate in promotions on other competing platforms.

“The company used market forces, platform rules and data, algorithms and other technical means, took various incentives and penalties to ensure compliance with the” er xuan i “principle, maintained and strengthened its market power and gained unfair competitive advantages,” – said in a statement by the regulator.

In addition to the fine, the agency demanded that the company strengthen internal control and control over compliance with regulatory requirements. Alibaba was obliged to maintain fair competition and report to the authorities within three years.

Alibaba itself, commenting on the regulator’s decision, said it “fully accepts” the punishment and is ready to “fully obey.” “We will strengthen doing business in accordance with the law, strengthen the construction of a system of compliance with regulatory requirements and will better fulfill our social obligations,” the company said.

An antitrust investigation into Alibaba began in late 2020. The company expressed its readiness to actively cooperate with the authorities and conduct normal activities, despite the investigation.

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