TECH - Alibaba Hit with Billion Yuan Fine: JD.com Triumphs in Landmark Monopoly Lawsuit | Benzinga
Alibaba Group Holding Limited (NYSE: BABA), along with Zhejiang Tmall Network Co and Zhejiang Tmall Technology Co, was fined 1 billion yuan ($140.68 million) for monopolistic practices, as ruled by the High People's Court of Beijing.
This decision resulted from a lawsuit won by Chinese online retailer JD.com Inc (NASDAQ: JD) against its rival Alibaba.
The court found that Alibaba had abused its market dominance by engaging in a practice known as "choosing one from two," which severely harmed JD.com, Reuters reports.
In a statement published ...