Alibaba — Regulators in China said the web monster had mishandled its dominant market position for a few years. In a statement, the company said it acknowledged the ruling and would "ensure its compliance".
The company is China's Amazon meets eBay, our journalist says. Retail is its primary activity but its work has spread to advanced payments, credit, and cloud computing.
It is the most recent in a chain of events focusing on the company that kicked off last October, just after its high-profile co-founder, Jack Ma, told a gathering of China's leading regulators that they were smothering innovation.
Last month 12 companies were fined over bargains that damaged anti-monopoly rules. The companies included Tencent, Baidu, Didi Chuxing, SoftBank, and a ByteDance-backed firm.
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