China’s Alibaba is not afraid of the negative effects of its record-breaking penalty
Chinese internet retail and technology giant Alibaba is not afraid that the record-breaking penalty -imposed on it over the weekend – will have negative effects, the Hong Kong newspaper South China Morning Post (SCMP) reported, citing the company’s Monday statement.
Chinese market supervision fined the company 18.2 billion yuan (2.8 billion USD) on Saturday for abusing its monopoly position in violation of competition rules. The highest antitrust fine ever imposed in China is about 4 percent of Alibaba Group Holding Ltd’s 2019 annual revenue. (MTI)
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