SHANGHAI -- Chinese authorities on Saturday decided to fine Alibaba Group 18.2 billion yuan ($2.77 billion). The authorities say Alibaba broke the country's antitrust laws as it urged clients and suppliers not to trade with its rivals. The penalty is the largest antitrust penalty in China and is likely to deal a blow to Alibaba.
According to China's State Administration of Market Regulation, which oversees antitrust matters, the fine is for 4% of Alibaba's revenue in China in 2019. The largest antitrust fine had been 6 billion yuan, slapped on U.S. chipmaker Qualcomm in 2015.