Alibaba shares rise as it plays down effects of record $2.78 billion fine

Shares in tech giant Alibaba climbed more than six percent Monday as the ecommerce titan reassured investors that a record $2.78 billion antitrust fine imposed by China would have little impact on its operations.

However, concerns that officials had not finished with a crackdown on the sector weighed on big-name firms including Tencent and JD.com.

Ant Group, whose planned record-shattering $35 billion Hong Kong-Shanghai IPO was shelved late last year amid the Chinese crackdown on Big Tech, separately announced a restructuring plan but vowed to “ensure business continuity”.