China fines Alibaba $2.8 billion in anti-monopoly probe

Exterior of Alibaba Group Beijing Headquarters on November 10, 2019 in Beijing, China.

VCG | Visual China Group | Getty Images

Chinese regulators hit Alibaba with a 18.23 billion yuan ($2.8 billion) fine in its anti-monopoly investigation of the tech giant.

In a Saturday statement, China’s State Administration for Market Regulation accused Alibaba of abusing its market dominance.

Regulators opened a probe into the company’s monopolistic practices in December. The investigation’s main focus was a practice that forces merchants to choose one of two platforms, rather than being able to work with both.

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