Alibaba shrugs off $2.75 billion antitrust fine, shares rally

FILE PHOTO: The signage is seen at Alibaba Group headquarters during the company's 11.11 Singles' Day global shopping festival in Hangzhou, Zhejiang province, China, November 11, 2020. REUTERS/Aly Song

SHANGHAI (Reuters) -Alibaba Group Holding Ltd does not expect any material impact from the antitrust crackdown in China that will push it to overhaul how it deals with merchants, its CEO said on Monday, after regulators fined the e-commerce giant $2.75 billion for abusing market dominance.

U.S.-listed shares of Alibaba jumped 8.6% and were set for their best day since July last year as a key source of uncertainty for the company was removed, and on relief the fine and steps ordered were not more onerous.