Alibaba Group's Hong Kong shares experienced a rise in response to a Reuters report suggesting that Chinese authorities were nearing the completion of their regulatory overhaul of Ant Group. The report also mentioned the possibility of Ant Group facing a fine of up to $1.1 billion.
The People's Bank of China is expected to disclose the CNY 8 billion fine as early as Friday, marking the end of years of regulatory scrutiny for the company, following the cancellation of its planned initial public offering in late 2020.
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