China's State Administration for Market Regulation on Saturday announced it was fining Alibaba 18.22 billion yuan ($ 2.78 billion) for violating antitrust laws, the regulator's website said in a statement.

It was decided to fine Alibaba for violating the monopoly law. This company must stop violating national laws, the size of the fine will be 4% of its 2019 sales in China, which amounted to 455.71 billion yuan ($ 69.67 billion at the current exchange rate). Thus, Alibaba must pay out 18.22 billion yuan ($ 2.78 billion), it says. 

This negatively affected the competitive environment of the Chinese e-commerce market, it says.

According to the document, the decision on the fine was made on the basis of real facts and available evidence and will protect the legal rights of consumers.