China's State Administration for Market Regulation has fined Jack Ma's Alibaba a record of 8.23 billion yuan ($2.78 billion) for for abusing market dominant position. China's market regulator has also demanded Alibaba "stop illegal activities."
The record fine is equivalent to 4% of 2019's total domestic sales for the e-commerce company.
Chinese regulators said it abused its dominance to punish merchants who sold goods on rival platforms.