Alibaba shares bounced back more than 8% on Monday after the company said the fine marked the end of the Chinese government's probe into the company's practices.

Last week, Chinese authorities announced a record fine of $2.8bn on Alibaba for abusing its dominant position over competitors and merchants on its e-commerce platforms.

Alibaba executive said the group would not appeal against the decision, "we are glad to put the matter behind us," says Joe Tsai, executive vice-chair of Alibaba.

The regulators are still probing China’s broader tech industry over past mergers and acquisitionsis, but Alibaba executives says they are not aware of more antitrust probes on Alibaba.

Chinese regulators first announced their investigation into Alibaba late December last year, sending its shares down 13 per cent in the period untill this Monday.