Alibaba’s HK stock rallies after record fine

Alibaba Group_575px_Alamy_April 12 2021
By Rashmi Kumar
12 Apr 2021

Alibaba Group Holding’s shares in Hong Kong closed 6.51% higher on Monday, despite news over the weekend that the technology giant will be hit with a record fine of Rmb18.22bn ($2.8bn) by China’s regulators.

The State Administration for Market Regulation of the People’s Republic of China (SAMR) kicked off an investigation into Alibaba in late December for an alleged violation of the country’s anti-monopoly laws. Over the weekend, it revealed its findings.

The authority said on Saturday that Alibaba, co-founded by high-profile ...

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