Alibaba shares rose sharply on Monday after the ecommerce group controlled by billionaire Jack Ma said a record $2.8bn fine at the weekend marked the end of an antitrust investigation into the company.
Executives told an analyst conference that while regulators were still probing China’s broader tech industry over past mergers and acquisitions, they did not know of any more specific investigations into Alibaba’s business. The company’s Hong Kong-listed stock was up 7.8 per cent after the remarks.
“Other than the mergers review, we’re not aware of any other [antitrust issues],” said Joe Tsai, executive vice-chair of Alibaba, in a call with analysts. “We are pleased we can put this matter behind us,” he added.
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