Beijing’s most aggressive fine on record has had the discordant effect of lifting Alibaba shares 8 per cent on Monday. The Rmb18.2bn ($2.8bn) penalty is the culmination of an antitrust investigation into the Chinese ecommerce giant that began in December. Yet any optimism that this marks the end of the probe is premature.

True, the company can comfortably cover the costs. Alibaba has about Rmb312bn in cash and equivalents. The fine is equal to about 4 per cent of domestic sales in 2019. Furthermore, it is less than half the 10 per cent penalty possible under Chinese law. By international standards, it is not a record breaker either. In 2018, the EU imposed a $5bn fine against Google.

But the full repercussions are not yet clear. Regulators have voiced concerns around Alibaba’s non-core businesses. Divestments cannot be ruled out. Previous acquisitions are still being scrutinised too. In order to remain in Beijing’s good books, Alibaba will have to boost spending on corporate good deeds and services that support small businesses in rural regions, such as Taobao Deals. Profit growth, already slowing, will fall back.