Alibaba shrugs off $2.75 bln antitrust fine

China's Alibaba brushed off concerns on Monday (April 12) after regulators fined it 2.75 billion dollars for abusing market dominance.

Its CEO said the e-commerce giant does not expect any material impact from changes to its arrangements with merchants.

That soothed investors as a key source of uncertainty for the company was removed.

There was also some relief that the fine and steps ordered were not more severe.

Shares in Alibaba jumped around 8 percent in Hong Kong's afternoon trade.

The company has come under intense scrutiny since billionaire founder Jack Ma's public criticism of the Chinese regulatory system in October.

It says it will introduce measures to lower entry barriers and business costs faced by merchants on its platforms.

The fine was one of the highest ever antitrust penalty's globally.

The State Administration for Market Regulation, or SAMR, ordered Alibaba to make "thorough rectifications" to protect consumer rights.

It said Alibaba, which is also listed in New York, had prevented its merchants from using other online e-commerce platforms since 2015.

Alibaba executives said despite Saturday's record fine and measures ordered by regulators, they remain confident in the government's overall support of the company.

But the probe comes as China bolsters SAMR with extra staff and a wider jurisdiction amid a crackdown on technology conglomerates.