Alibaba shares jump as it completes three-year regulatory overhau

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Alibaba shares jump as it completes three-year regulatory overhau

The Alibaba office building is seen in Nanjing, Jiangsu province, China, Aug 28, 2024. 

CFOTO | Future Publishing | Getty Images

Alibaba has completed a three-year regulatory “rectification” process following an antitrust fine it received on charges of monopolistic practices in 2021, China’s market regulator said on Friday.

Shares of Alibaba rose 4.01% at 06:59 a.m. in premarket trading in the U.S.

On Friday, China’s State Administration for Market Regulation (SAMR) said that, over the past few years, it has been supervising Alibaba’s process to become compliant with antitrust regulations. The rectification work has achieved “good results,” the SAMR said, according to a

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-translated statement.

In 2021, China’s SAMR fined Alibaba 18.23 billion yuan ($2.6 billion) as part of an anti-monopoly investigation of the tech giant. The regulator’s focus was on a practice that forces merchants to choose one of two e-commerce platforms, rather than being able to work with both.

At the time, the regulator said that the “choose one” policy and others allowed Alibaba to bolster its position in the market and gain unfair competitive advantages.

Since that fine, the SAMR has been supervising Alibaba as it gets in line with the regulator’s requirements. Alibaba has now completed this process and has stopped the “‘choose one of two’ monopoly behavior,” the SAMR said Friday.

This is a breaking news story. Please check back for more.

– CNBC’s Christine Wang contributed to this report.

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