Shanghai: Chinese regulators hit e-commerce giant Alibaba with a record 18.2 billion yuan ($2.78 billion) fine on Saturday over practices deemed to be an abuse of the company´s dominant market position – Geo News reported on Saturday. Alibaba, the Jack Ma-founded Chinese e-commerce leader and one of the world´s most valuable companies, said it accepted the penalty and pledged to outline plans on Monday for bringing its operations in compliance. According to Geo News, The fine appeared to cap a government crackdown on major Chinese tech platforms, and Alibaba in particular, over allegations of anti-competitive behaviour and misuse of consumer data. Online
