HONG KONG: Alibaba Group and Tencent shares rose in Hong Kong on Monday (Jul 10) after China's US$984 million fine against the Jack Ma-founded Ant Group appeared to signal the end of a regulatory crac
appeared to signal the end of a regulatory crackdown on the country's technology sector.
The scrutiny left decades-old firms and startups alike operating in a new, uncertain environment and wiped billions off share prices, ensnaring companies from online retail giant Alibaba to gaming company Tencent and food delivery group Meituan. Alibaba's Hong Kong-listed shares were up nearly 4 per cent by 0230 GMT on Monday, outpacing a 1.3 per cent gain for the broader market, while Tencent's shares were up 1 per cent.
Ant and its subsidiaries had violated laws and regulations in areas including corporate governance, financial consumer protection, payment and settlement business, as well as anti-money laundering obligations, the PBOC said.
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