A state-run media on Saturday reported that Jack Ma’s company Alibaba has been fined 19.2 billion yuan ($2.78 billion) by China for market abuse. 

Alibaba is the worlds biggest online e-commerce company and the most popular destination for online shopping. It also became the most valuable tech company and around 80 % of China’s online shopping market is dominated by Alibaba.

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Amid growing concern over their influence in China, Alibaba and other leading Chinese company have come under pressure.

 The State Administration for Market Regulation had assessed the fine after concluding an investigation into Alibaba that began in December, reported Xinhua news agency.

Since last October, Alibaba has been under questioning, when Jack Ma, co-founder criticised Chinese regulators as being behind the time after they expressed growing concern over the push into loans.

Xinhua further reported that the amount of the penalty was determined after the regulators decided to fine 4 % of Alibaba’s 2019 sale of 455.7 billion yuan.

The investigation and fine centred on Alibaba’s alleged practice of requiring that merchants who wish to sell their wares on its popular platforms do so exclusively, avoiding rival e-commerce sites.

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China has been seeking to rein in runaway personal debt and chaotic lending, and upstart Ant’s growing profile — and Ma’s rare public criticisms — have been viewed as a challenge to China’s state-dominated financial sphere.