07:33 AM EDT, 08/30/2024 (MT Newswires) -- (Updates with comment from Alibaba ( BABA ) in the fifth paragraph.)

Chinese regulators said Friday that Alibaba Group Holding ( BABA ) had been cleared of allegations of monopolistic practices after a three-year investigation.

China's State Administration for Market Regulation said the company had corrected its practices after it had been ordered to "conduct comprehensive self-inspection and rectification" and submit compliance reports, according to a Google translation of the regulator's statement.

The regulator said Alibaba ( BABA ) "has completely stopped the 'choose one of two' monopoly behavior" and improved its behavior.

"The compliance rectification work has achieved good results, the online retail market environment has been improved, the fair competition order has been effectively restored," the translation of the statement said.

Alibaba ( BABA ) called the development "a new starting point" for the company. "In the future, we will continue to focus on innovation, adhere to compliant operations, increase investment in science and technology, promote the healthy development of the platform economy, and create more value for society," the company said, in a comment translated by Google.

Shares of the online retailer were up 4% in Friday's premarket activity.

Price: 84.79, Change: +3.77, Percent Change: +4.65