Alibaba Group thanked the regulators in an open letter after the local authorities imposed a record antitrust fine on the internet giant. China’s regulatory wrapped up the probe in four months, compared with years such investigations take in the USA or Europe. The $2.8 bn fine was just 4% of Alibaba’s 2019 domestic revenue, far less than the maximum 10% allowed under Chinese law. Alibaba’s shares rose 5.5% in Hong Kong stock exchange on Monday morning.

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