HONG KONG, July 10 (Reuters) - Alibaba Group (9988.HK) and Tencent (0700.HK) 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.
Alibaba's Hong Kong-listed shares were up nearly 4% by 0230 GMT on Monday, outpacing a 1.3% gain for the broader market (.HSI), while Tencent's shares were up 1%.
ANT GROUP VALUATION SLASHEDAlibaba, which spun off Ant 11 years ago and has a 33% stake, said on Sunday it was considering whether to participate in the buyback.
Alibaba's U.S.-listed shares rose 8% on Friday after the penalty, one of the largest-ever fines for an internet company in China, was delivered.
($1 = 7.2310 Chinese yuan renminbi)Reporting by Scott Murdoch in Sydney and Donny Kwok in Hong Kong; Editing by Anne Marie Roantree, Muralikumar Anantharaman and Jamie FreedOur Standards: The Thomson Reuters Trust Principles.
Persons:
Jack Ma, Ant, Dickie Wong, Oshadhi Kumarasiri, Scott Murdoch, Donny Kwok, Anne Marie Roantree, Muralikumar Anantharaman, Jamie Freed
Organizations:
Alibaba, HK, Ant, People's Bank of China, Kingston Securities, Thomson
Locations:
HONG KONG, Hong Kong, Beijing, Alibaba's U.S, China, Sydney