Investors have shrugged off the record-breaking fine imposed on Alibaba Group by China’s anti-monopoly regulator.
After markets closed on Friday, it was announced Alibaba had been hit with a US$2.7b fine for anti-competitive behaviour. Asia Markets reported mixed views by analysts on how investors would respond.
The fine equated to less than 1% of Alibaba’s market cap and around 4% of its Chinese revenue in 2019.
All eyes were on today’s trade in Hong Kong to see how the company’s share price would react.
Alibaba’s Hong Kong-listed stocks surged more than 6%, closing a short time ago at HK$232.20.
For perspective, the 6% surge (on the back of a US$2.7b fine) adds around US$40b to Alibaba’s market cap.