Shares of Chinese tech giant Alibaba (NYSE: BABA) were on an upswing in pre-market trading on Tuesday after a Reuters report that Chinese regulators could fine the financial technology arm of Alibaba, the Ant Group around $728 million instead of a fine of more than $1 billion planned initially.
The report stated that Chinese regulators also plan to downgrade their charges against the Ant Group. The fine is expected to be announced over the coming months and would help the Ant Group to get a much-awaited financial holding company license and eventually list on the stock exchange.
Analysts rate BABA stock as a Strong Buy based on 17 unanimous Buys.