Alibaba shrugs off $2 75 bn antitrust fine, shares rally
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Alibaba shrugs off US$2 75 bil antitrust fine, shares rally
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Monday, 12 Apr 2021 06:04 PM MYT
The logo of Alibaba Group is seen inside the company s headquarters in Hangzhou, Zhejiang province early November 11, 2014. Reuters pic
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BEIJING, April 12 Shares in tech giant Alibaba climbed more than six per cent today as the ecommerce titan reassured investors that a record US$2.78 billion (RM11.5 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.
Regulators slammed the tech giant with the penalty on Saturday after a months-long probe concluded it had been abusing its dominant market position.