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A logo of Ant Group is pictured at the headquarters of the company, an affiliate of Alibaba, in Hangzhou, Zhejiang province, China October 29, 2020.
Aly Song | Reuters
GUANGZHOU, China — Alibaba shares in Hong Kong jumped nearly 4% at the open on Tuesday after regulators ordered the e-commerce giant’s financial technology affiliate Ant Group to revamp its business.
That, along with a 18.23 billion yuan ($2.78 billion) fine Alibaba received as a result of an anti-monopoly investigation by regulators, removed a source of uncertainty for investors.
“Following the decision and penalties levied by SAMR’s (State Administration for Market Regulation) anti-monopoly investigation of BABA, we think…
Source cnbc.com
