Alibaba Shares Rise in Hong Kong Despite Record $2 8 Billion Fine — Update
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Alibaba Shares Up 6.5% after $2.8 Billion Antitrust Fine
Apr 12 2021 · 13:32 UTC by John K. Kumi · 3 min read
Photo: Depositphotos
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Alibaba Group has been handed a record fine of $2.8 billion, but interestingly, its shares started pulling some positive numbers after the news.
Alibaba Group Holding Ltd (HKG: 9988) has been in the news lately with its antitrust investigation that created uncertainties among investors. The company has finally been found guilty of infringing the legitimate rights and interests of consumers. Alibaba Group was accused of forcing Merchants to list their products on just one of the many e-commerce platforms instead of having them listed on multiple platforms. Alibaba Group, therefore, has been handed a record fine of $2.8 billion, but interestingly, its shares started pulling some positive numbers after the news. There was a 6% surge in the pre-market trading in the US and closed on Monday with 6.5%