Alibaba, Tencent shares rise as investors bet China’s tech crackdown is over

News Snapshot:

HONG KONG (Reuters) — Alibaba Group and Tencent shares rose in Hong Kong on Monday after China's $984 million fine against the Jack Ma-founded Ant Group appeared to signal the end of a regulatory crackdown on the country's technology sector. Following the penalty on Friday, the Alibaba affiliate announced a share buyback that values the fintech at a 75% discount to the valuation touted in an abandoned initial public offering (IPO) plan, but is seen as providing liquidity and certainty to investors. The abrupt shelving of Ant's IPO in late 2020 had heralded the start of a wide-ranging clampdown by...