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Alibaba shares jump 5% after being hit with $2.8 billion fine in anti-monopoly probe – CNBC

Alibaba was fined 18.23 billion yuan ($2.8 billion) by Chinese regulators as a result of an anti-monopoly investigation.

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GUANGZHOU, China Alibaba shares in Hong Kong jumped 8% on Monday after the company was fined 18.23 billion yuan ($2.8 billion) by Chinese regulators as a result of an anti-monopoly investigation.
“Despite the record fine amount, we think this should lift a major overhang on BABA and shift the market’s focus back to fundamentals,” Morgan Stanley wrote in a note on Sunday, a day after the fine was issued.
Chinese regulators opened an anti-monopoly probe into Alibaba in December. The main focus was…

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