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China tech

Alibaba shares soar in wake of record antitrust fine

China e-commerce group will ease barriers for its merchants, says CEO Zhang

Chinese e-commerce giant Alibaba says it will make it easier for merchants to sell on its site after the government on April 10 imposed a record 18 billion yuan ($2.75 billion) fine on the company.   © Reuters

HONG KONG -- Shares in Alibaba Group Holding rose sharply on Monday following a record 18 billion yuan ($2.75 billion) antimonopoly fine against the e-commerce group, as its executives vowed to rectify its problems and step up efforts to retain the merchants it does business with.

The price of Alibaba's Hong Kong-listed shares rose as much as 9% in morning trading, reflecting a belief by investors and analysts that the record fine draws a line for now under Beijing's regulatory action against one of the country's tech giants.

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