Alibaba Shares

Increased After China's Antitrust Penalty!

  Alibaba Shares Increased After China's Antitrust Penalty! Investors of the Chinese group seem quite happy to continue after the $ 2,8 billion fine. Shares of Alibaba Group Holdings Ltd. rose more than 5 % in Hong Kong trade on Monday after the e-commerce giant was fined a record $ 2,8 billion by China's antitrust regulator. China's State Market Regulatory Authority said on Saturday that Alibaba is abusing its dominant position over competitors and traders on its platform. For these reasons, in addition to the fine, Alibaba needs to renew its operations and submit a compliance report over the next 3 years. The company made a statement on the matter and said: "Alibaba sincerely accepts the penalty and will ensure its determination. In addition, the company will rigorously comply with the law to fulfill its responsibility to society and will continue to grow through innovation ". Alibaba shares; Following the dissolution of the dark clouds brought on by the research, it increased by more than 8 % in early Hong Kong trade, before settling on gains of about 6,5 %.

Shares of Alibaba Group Holdings Ltd. rose more than 5 % in Hong Kong trade

Morgan Stanley said in a note on Sunday, "Despite the record amount, we think this should lift a big bump on Company and shift the focus of the market back to fundamentals." said. Everbright Sun Hung Kai analyst Kenny Ng said, "Now the penalty has been set, the market's uncertainty about Alibaba will decrease. Implementing this penalty is expected to allow Alibaba's stock price to regain market attention. " Alibaba's shares in Hong Kong have risen 20 % in the past 12 months. Although the American Depot Receipts (ADR) decreased by 4,5 % this year, it increased by 13,7 % compared to last year.    

Source: MarketWatch

 

You may also be interrested in:

 

Gold Prices Fell After Powell’s Statements!