SHANGHAI — Alibaba does not expect any material impact from the antitrust crackdown in China that will push it to overhaul how it deals with merchants, its CEO said Monday, after regulators fined the e-commerce giant $2.75 billion for abusing market dominance.
Shares in Alibaba Group Holdings Ltd rose as much as 9% in Hong Kong trade as a key source of uncertainty for the company was removed, and on relief the fine and steps ordered were not more onerous.
Alibaba has come under intense scrutiny since billionaire founder Jack Ma’s public criticism of the Chinese regulatory system in October.
As part of “comprehensive rectifications” sought by regulators, Alibaba will make i…
Keep on reading: Alibaba shrugs off $2.75B antitrust fine, shares rally