HongKong (Reuters) – Hong Kong shares of Alibaba Group were set to open up 5.5% on Monday after China fined its affiliate, Ant Group, $984 million for violating “laws and regulations”, fuelling hopes that a years-long regulatory crackdown has come to an end.
Alibaba’s stock was set to open at HK$88.95.
On Saturday, Ant Group announced a share buyback that values the fintech giant at $78.54 billion, well below the $315 billion touted in an abandoned IPO in 2020.
(Reporting By Donny Kowk; Editing by Anne Marie Roantree and Muralikumar Anantharaman)
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