Chinese regulators have fined Alibaba Group Holding Ltd 18 billion yuan ($2.75 billion) for violating anti-monopoly rules and abusing its dominant market position, marking the very best ever antitrust fine to be imposed within the country.
China's State Administration for Market Regulation (SAMR) announced it launched an antitrust probe into the corporate . That came after authorities scuttled a planned $37 billion IPO from Ant Group, Alibaba's internet finance arm.
While the fine brings Alibaba a step closer to resolving its antitrust woes, Ant still must comply with a regulatory-driven revamp that's expected to sharply cut its valuations and rein in a number of its freewheeling businesses.
"This penalty are going to be viewed as a closure to the anti-monopoly case for now by the market. It's indeed the very best profile anti-monopoly case in China," said Hong Hao, head of research BOCOM International in Hong Kong .