Alibaba hit with $2.8 billion fine in China antitrust case

Chinese authorities have slapped Alibaba with a $2.8 billion fine after finishing an anti—trust investigation that looked into alleged monopolistic practices. The State Administration for Market Regulation launched a probe into the e-commerce giant's "suspected monopolistic conduct" in December, particularly its policy that forces merchants to sell on its platforms exclusively and prevents them from selling on rival e-commerce websites. In a release posted on the watchdog's website, it said its investigation proved that the policy eliminated and restricted competition in the country and hindered innovation in the online retail platform sector.