China’s Alibaba ,the world’s biggest online retailer had received a record fine of $2.75bn.
According to the regulators in China the company had abused its dominant position in market for several years.
The company act as the China’s Amazon meets eBay, and even the retailing is its main activity but now its work has spread to digital payments, credit and cloud computing.Also the fine amounts of Alibaba’s revenue in 2019 is identified as 4%.
But the regulators complain Alibaba restricted competition by stopping some sellers using other platforms and its the misusing of market. This is included to anti-monopoly case for now by the market; experts says.
Not only the Alibaba country’s other tech giants also facing pressure from regulators worried about their growing influence.
Those companies include Tencent, Baidu, Didi Chuxing, SoftBank and a ByteDance-backed firm and fined over violating anti-monopoly rules.