Shares in tech giant Alibaba climbed more than six percent Monday as the ecommerce titan reassured investors that a record $2.78 billion antitrust fine imposed by China would have little impact on its operations. However, concerns that officials had not finished with a crackdown on the sector weighed on big-name firms including Tencent and JD.com. Ant Group, whose planned record-shattering $35 billion Hong Kong-Shanghai IPO was shelved late last year amid the Chinese crackdown on Big Tech, separately announced a restructuring plan but vowed to “ensure business continuity”. Regulators slapped Alibaba with the penalty on Saturday after a months-long probe concluded it had been abusing its dominant market position. But in a conference call to investors on Monday, Alibaba’s board suggested the fine marked the end of the investigation, with chairman Daniel Zhang saying the penalty would not have a “negative impact” on business operations. The government has cracked down on major Chinese tech platforms — and Alibaba in particular — over allegations of anti-competitive behaviour, misuse of consumer data and over-aggressive expansions. “We had good guidance on some of the specific issues under the anti-monopoly law and I would say that we are pleased that we are able to… Read full this story
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