Alibaba fined $2.75B by Chinese regulators

Chinese regulators have slapped a $2.75 billion dollar fine on Alibaba.

The ecommerce group, founded by Jack Ma, is accused of violating anti-monopoly rules and abusing its dominant market position.

Of particular concern was a practice where Alibaba is alleged to have forbidden merchants from listing on other e-commerce platforms.

The fine, which is equivalent to around 4% of Alibaba's revenues in 2019, is the highest ever antitrust penalty to be imposed in China.

It comes amid an unprecedented regulatory crackdown on the country's home-grown technology conglomerates.

Ma's business empire has faced particular scrutiny after he criticised China's regulatory system back in October.

A month later, authorities halted a planned $37 billion IPO from Ant Group, Alibaba's internet finance arm.

Then came the launch of the antitrust probe into Alibaba in late December.

In a statement, the Chinese company said it accepted the regulars' decision and would implement the ruling.

It added that it would work to improve corporate compliance.

Beijing has vowed to strengthen oversight of its big tech firms, which rank among the world's largest and most valuable.