Alibaba Fined Record $2.75 Billion in Antitrust Case

China's State Administration for Market Regulation fines Alibaba a record 18.2 billion yuan ($2.75 billion) for antitrust violations, including forcing merchants to choose between Alibaba and rival platforms. The fine arrives amid Jack Ma's ongoing disappearance from public life following his October 2020 speech criticizing Chinese financial regulators. The episode signals Xi Jinping's determination to rein in the power of private technology companies.