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Jack Ma's Alibaba fined record $2.75 billion by Chinese regulators for violating anti-monopoly rules

Shortpedia

Content Team
Image Credit: Shortpedia

Jack Ma's Alibaba Group Holding Limited has been fined a record 18 billion yuan ($2.75 billion) by Chinese regulators for violating anti-monopoly rules. The conflict between Jack Ma and the Chinese communist establishment grew after the former criticised some of the government's policies. An antitrust investigation was launched against Alibaba in late December 2020 by China's State Administration for Market Regulation.