China denies mulling near-US$1bil fine for Alibaba in monopoly case

Alibaba, China’s largest online shopping portal, has been in the crosshairs of authorities in recent months over concerns of its reach into the daily finances of ordinary Chinese people. — Bloomberg

BEIJING: China denied on March 12 it was planning to hit e-commerce giant Alibaba with a fine of almost US$1bil (RM4.11bil) for allegedly flouting monopoly rules, as authorities put the screws on the firm as part of a crackdown on the technology sector.

Officials are considering a hefty penalty that could top the US$975mil (RM4.01bil) paid by US chipmaker Qualcomm in 2015 – the biggest known for anticompetitive practices in China – the Wall Street Journal reported Thursday, citing unnamed “people with knowledge of the matter”.