China slapped a record 18 billion yuan ($2.75 billion) fine on Alibaba Group Holding Ltd on Saturday, after an anti-monopoly probe found the e-commerce giant had abused its dominant market position for several years.

The fine, about 4% of Alibaba’s 2019 domestic revenues, comes amid a crackdown on technology conglomerates and indicates China’s antitrust enforcement on internet platforms has entered a new era after years of laissez-faire approach.

The Alibaba business empire has come under intense scrutiny in China since billionaire founder Jack Ma’s stinging public criticism of the country’s regulatory system in October.

A month later, authorities scuttled a planned $37 billion IPO by Ant Group, Alibaba’s internet finance arm, which was set to be the world’s biggest ever. The State Administration for Market Regulation (SAMR) announced its antitrust probe into the company in December.

While the fine brings Alibaba a step closer to resolving its antitrust woes, Ant still needs to agree to a regulatory-driven revamp that is expected to sharply cut its valuations and rein in some of its freewheeling businesses.

“This penalty will be viewed as a closure to the anti-monopoly case for now by the market. It’s indeed the highest profile anti-monopoly case in China,” said Hong Hao, head of research BOCOM International in Hong Kong.

“The market has been anticipating some sort of penalty for some time... but people need to pay attention to the measures beyond the anti-monopoly investigation.”