Alibaba Group Holding Ltd. saw shares climbing once more following the end of its 3-year regulatory “rectification” process, the market regulator of China revealed on Friday.
MarketWatch noted that the shares of Alibaba was at $83.30 per share, an increase of 2.81% as of 2:18 p.m. EDT Friday.
China’s State Administration for Market Regulation (SAMR) said Friday that it has been closely monitoring and supervising the process of the e-commerce giant to be compliant with antitrust regulations for years.
In a Google-translated statement, the SAMR noted positive results from the “rectification” process, CNBC reported.
Alibaba was fined by the SAMR in 2021 in the amount of 18.23 billion yuan, or $2.6 billion US, following an anti-monopoly investigation that the regulator conducted.
Its investigation zeroed in on a practice that would compel merchants to choose only one of two e-commerce platforms instead of having the option to work with both.
For the SAMR, the policy of only choosing one puts Alibaba in a more advantageous position, which was regarded as a form of unfair competition.
On Friday, the SAMR disclosed that from the time that the e-commerce giant was fined, it was also put under strict scrutiny and supervision of the regulator, making sure that it abides by the rules and follows requirements set by the Chinese antitrust arm.
With the “rectification,” process complete, the company has ceased its “choose one of two” policy, giving merchants a better hand at selecting the best way to conduct their business.
The SAMR will still continue to guide the company even after the rectification process. This will ensure better efficiency and compliance with antitrust regulations.
