Article taken from: edition.cnn.com
London/Hong Kong (CNN Business) China has ordered Alibaba to pay a record fine of 18.2 billion yuan ($2.8 billion) after antitrust regulators concluded that the online shopping giant had been behaving like a monopoly. The fine is equivalent to 4% of Alibaba’s sales in China in 2019, state news agency Xinhua reported, and dwarfs the previous record penalty of $975 million handed out to American chipmaker Qualcomm ( QCOM ) in 2015. Beijing has been tightening the screws on China’s national tech champions in recent months, part of a regulatory crackdown that President Xi Jinping has described as one of the country’s top priorities for 2021. Last month, Xi urged officials to step up their efforts to regulate online companies to maintain social stability. […] Beijing has long been concerned that the influence tech firms have over the financial sector makes that industry vulnerable — Ant, for example, now commands more than half of the mobile payments market in China — and officials have been looking for ways to rein them in. $15 billion of Tencent stock sold in one trade Other tech companies could be next in the firing line.
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