1. Alibaba Group Hit with Record $2.8 Billion Fine Amid Increased Government Scrutiny of Billionaire Jack Ma's Tech Empire

    Alibaba Group Hit with Record $2.8 Billion Fine Amid Increased Government Scrutiny of Billionaire Jack Ma's Tech Empire
    • Alibaba Group has been hit with a record $2.8 billion fine in China.
    • Billionaire founder Jack Ma's tech empire has come under increased scrutiny from regulators.
    • "Alibaba accepts the penalty with sincerity," the company said in a statement.
    • See more stories on Insider's business page.

    China on Saturday fined Jack Ma's Alibaba Group a record $2.8 billion for abusing its leading market position...

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    1. Alibaba accepts the penalty with sincerity and will ensure its compliance with determination.
    2. To serve its responsibility to society, Alibaba will operate in accordance with the law with utmost diligence, continue to strengthen its compliance systems and build on growth through innovation.
    3. Alibaba would not have achieved our growth without sound government regulation and service, and the critical oversight, tolerance and support from all of our constituencies have been crucial to our development.
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