Alibaba shares surge 8% after antitrust fine

Monday, 12. April 2021 08:35

Alibaba Group Holding Ltd. shares listed in Hong Kong soared over 8% on Monday after the company was fined $2.77 billion for violating China's anti-monopoly laws and "abusing market dominance."

The tech giant's CEO Daniel Zhang noted he doesn't expect the fine to have a "significant impact" on Alibaba and added the company will lower barriers and costs of entry for merchants on its platform.

Alibaba surged 8.07% at 8:19 am CET.

Related Links: Alibaba Group Holding Ltd.
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Breaking the News / NP