China levies record fine on IT giant Alibaba under anti-monopoly laws – HEDGE accordingly

Chinese authorities said Saturday that they have fined Alibaba Group Holding Ltd. 18.2 billion yuan ($2.78 billion) for anti-monopoly violations, apparently a record amount ever imposed under China’s anti-monopoly laws. The punishment comes as the leadership of President Xi Jinping has pledged to strengthen measures to curb monopolistic behavior and disorderly capital expansion of major IT companies in the nation. China’s market regulator said Alibaba prohibited certain merchants from selling their goods both on its website and on rival platforms, a move called an “exclusive dealing agreement….

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HEDGE accordingly