Alibaba is facing a record fine of nearly $1 billion by the Chinese government over allegations of anticompetitive practices.
Alibaba could be forced to pay the biggest fine in Chinese corporate history, surpassing the $975 million paid by Qualcomm in 2015, according to the Wall Street Journal.
The Chinese ecommerce giant has been accused of flouting monopoly rules by antitrust regulators, who have been turning the screws on Alibaba since last year.
Jack Ma, Alibaba’s founder and until recently China’s richest man, made a “fiercely critical” speech about China’s regulatory system in October, painting a target on Alibaba’s back which shows no signs of abating.
