Alibaba's record fine is a 'warning shot' in China's tech crackdown
CNN
Alibaba is trying to draw a line under accusations that it behaved like a monopoly after Chinese regulators hit the online shopping giant with a record fine over the weekend. But that doesn't mean the crackdown on tech in China is over yet.
Joe Tsai, Alibaba Group's co-founder and executive vice chairman, told investors on Monday that the company will not appeal the 18.2 billion yuan ($2.8 billion) penalty that China's State Administration for Market Regulation (SAMR) imposed on the business. Regulators had investigated Alibaba (BABA) for "exclusive dealing agreements" that prevented merchants from selling products on rival e-commerce platforms — a practice known as "choosing one from two." "With this penalty decision, we've received a good guidance on some of the specific issues under the anti-competitive law," Tsai said on the investor call. "We are pleased we are able to put this matter behind us." The company has promised to case the "exclusive dealing" practice.
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