Chinese e-commerce giant Alibaba is considering whether to launch an appeal against a Hong Kong regulator's ruling regarding an investment deal it made in 2014.

The Hong Kong Takeovers and Mergers Panel has found Alibaba broke rules by arranging a deal with certain investors in CITIC 21CN, now known as Alibaba Health Information Technology, at beneficial terms not extended to other shareholders.

Hong Kong's Securities and Futures Commission has ruled that the breach of code meant an original waiver to a requirement to launch a general offer to all investors was invalidated.

The regulator has issued a new waiver in view of the sharp rise in Alibaba Health stock since 2014, meaning Alibaba is not currently required to launch a full buyout.

In response, Alibaba has issued a statement saying that it fully complied with the takeover code regarding the investment which gave it a 54 percent stake in the health care business after buying newly issued shares in the company.