Alibaba fined $2 75 billion in China for violating anti-monopoly rules gizmochina.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from gizmochina.com Daily Mail and Mail on Sunday newspapers.
Alibaba CEO Daniel Zhang said on Monday he does not expect any material impact from the change of exclusivity arrangement imposed by China's regulators, after an anti-trust probe found the firm had abused its dominant market position.
Alibaba shrugs off $2.75 billion antitrust fine, shares rally By Josh Horwitz and Yilei Sun
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SHANGHAI (Reuters) -Alibaba Group Holding Ltd BABA.N 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 on Monday, after regulators fined the e-commerce giant $2.75 billion for abusing market dominance.
U.S.-listed shares of Alibaba jumped 8.6% and were set for their best day since July last year as a key source of uncertainty for the company was removed, and on relief the fine and steps ordered were not more onerous.