Alibaba on the receiving end of 21.5 million yuan fine by competition watchdog

Alibaba and Tencent are among a number of companies that have been ordered to pay a total of 21.5 million yuan ($3.4 million) in fines by China’s competition watchdog.

The fines mark the latest move by Beijing to clampdown on Big Tech and their monopolies.

The companies have been ordered to pay 500,000 yuan ($78,000) for each of the 43 antitrust violations they have broken, according to the State Administration for Market Regulation said in a statement on Saturday.

China’s president Xi Jinping had declared he wants the nation’s tech firms to work towards “common prosperity” and as a result, the country’s antitrust watchdogs have cracked down hard on the country’s biggest tech firms.

READ MORE: Alibaba posts record Singles’ Day haul amid sustainability push

Alibaba was forced to pay a $2.8 billion fine earlier this year for abusing market dominance according to new antitrust laws.

Chinese Food-delivery giant Meituan was fined $533 million last month for violating anti-monopoly regulations.

Alibaba recently announced it has missed the market’s expectations for its Q2 revenue as the ecommerce boom slows.

Despite the ecommerce giant recording its largest ever Singles’ Day total, it was also its slowest sales growth rate during the annual shopping frenzy.

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