Alibaba shares rise 5.5% amid hopes Ant regulatory crackdown is ending

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Alibaba shares rise 5.5% amid hopes Ant regulatory crackdown is ending
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Hong Kong shares of Alibaba Group opened 5.5% higher on Monday after China fined its affiliate, Ant Group, $984 million for violating laws and regulations, fuelling hopes that a years-long regulatory crackdown on the fintech has ended.

, Ant Group, $984 million for violating laws and regulations, fuelling hopes that a years-long regulatory crackdown on the fintech has ended.that values the company at $78.54 billion, well below the $315 billion touted in an abandoned IPO in 2020, but providing liquidity to investors.

Alibaba's U.S.-listed shares rose 8% on Friday after the penalty, one of the largest-ever fines for an internet company in China, was delivered. Ant said on Saturday it proposed to all of its shareholders to repurchase up to 7.6% of its equity interest at a price that represents a group valuation of approximately 567.1 billion yuan .

The finalisation of Ant's penalty is seen as paving the way for the firm to secure a financial holding company licence, lift its growth rate and eventually revive its plans for a stock market listing."According to the company, the reason for the buyback is providing liquidity to existing investors and attracting and retaining talented individuals through employee incentives," said Oshadhi Kumarasiri, a LightStream Research analyst who publishes on Smartkarma.

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