Alibaba Shares Surge 5% in Hong Kong on Plans to Increase Service Fees

Jul 29, 2024, 10:58 AM

Alibaba Group Holding Ltd. shares rose the most in two months as the company announced plans to earn more service fees from merchants. The stock climbed 5% in Hong Kong after the company revealed it will begin charging a 0.6% service fee on confirmed transactions for vendors on Tmall and Taobao, starting September 1. This move aligns Alibaba with competitors like Pinduoduo and JD.com, who already charge similar fees. The increase in service fees was confirmed by Bloomberg. The stock led gains in the Hang Seng Index (HSI).