Alibaba Group Holding announced that it has received the Administrative Penalty Decision issued by the State Administration for Market Regulation of the People's Republic of China.

The penalty amounted to $2.75 billion for the company abusing its dominant position over rivals and merchants on its e-commerce platforms.

"Alibaba accepts the penalty with sincerity and will ensure its compliance with determination. 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," the company said in a statement