Why JD.com Shares Zoomed 5% Higher on Friday
Major Chinese online retailer JD.com (NASDAQ: JD) ended the trading week in style, with its share price surging by nearly 5% on Friday. That gain was due more to developments with an important peer than anything related directly to the company.
JD.com's pop was largely thanks to news about its fellow Chinese e-commerce titan, (NYSE: BABA). On Friday morning, Chinese financial regulators fined Alibaba finance unit Ant Group the equivalent of $984 million for violating various commercial laws and operating certain activities without being properly licensed.
That was the culmination of a long, high-profile investigation into Ant Group's conduct, and investors were optimistic that it is at an end. They were also likely relieved at the amount of the fine; although $984 million is a serious penalty, some had expected an even higher figure. At one point, for example, Reuters reported that its sources anticipated an approximately $1.1 billion penalty for Alibaba.
Source Fool.com
Alibaba Group Holding Ltd ADR Stock
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