MOSCOW, April 12 — The shares of Alibaba, the largest Chinese Internet company and one of the world’s largest retailers, went up by over seven per cent on Monday, two days after it was slapped with a fine, which is record for the Asian country, for violations of anti-monopoly rules, reported Sputnik.
On Saturday, China’s State Administration for Market Regulation imposed a fine of 18.23 billion yuan (US$2.8 billion) on the company. According to the authorities, since 2015 Alibaba has been abusing its market domination, preventing firms that use Alibaba platforms from doing business or running advertising on rival platforms.
On Monday morning trading, Alibaba shares went up for 7.16 per cent up to 233.6 yuan. It comes a day after the company said on Saturday, that it has been fully cooperating with the administration for last months, seriously taking into account the government’s policy towards Internet platforms and has improved the assessment of internal systems, providing a stable business work.
Alibaba also mentioned that it accepts the punishment, expressing the willingness to continue cooperation with the authorities.
Alibaba Group was established in 1999 by businessman Jack Ma. It includes several subsidiary companies such as Alibaba Pictures, Alibaba.com, AliExpress.com, Taobao.com, and Tmall.com.
