SHANGHAI (Reuters) - China's State Administration of Market Regulation issued a statement on Friday saying Alibaba Group ( BABA ) had completed three years "rectification" following a fine levied in 2021 for monopolistic behaviour.

In 2021, the regulator slapped a record $2.75 billion fine on the e-commerce giant for abusing its market position by forcing merchants on its platforms not to work with rival platforms.

The regulator's statement said Alibaba's ( BABA ) rectification work had achieved "good results" and that it would continue to "guide" Alibaba ( BABA ) to continue to "regulate its operations and improve its compliance and quality."

The fine levied on Alibaba ( BABA ) in 2021 came during a period of intense scrutiny for the business empire founded by billionaire Jack Ma. A $37 billion IPO by the finance arm he founded, Ant Group, was also scuttled following Ma's public critique of the country's regulatory system in late 2020.

Alibaba ( BABA ), in its own statement, described the regulator's announcement on Friday as a "new starting point for development" and said it would continue to "promote the healthy development of the platform economy and create more value for society."