China's State Administration for Market Regulation imposed a fine of Rmb18.228bn on Alibaba Group for monopoly conduct for implementing an "exclusive dealing agreements". Alibaba will open up more and more free services for merchants and will develop more measures to improve merchant training to help them grow. We believe the fine will not materially affect Alibaba’s fundamentals and will reduce market uncertainty about Alibaba’s policy risk. We consider this to be a good opportunity to buy the stock. Reiterate Add.