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China hits Alibaba affiliate Ant Group with $985 million fine for violating various regulations

  • China's central bank has fined Ant Group 7.12 billion yuan , one of the largest penalties ever imposed on an internet company in China, for violations related to consumer protection and corporate governance.
  • The fine marks the conclusion of a years-long regulatory overhaul of Ant Group, which saw its $37 billion IPO cancelled in 2020. It also paves the way for Ant to secure a financial holding company license and eventually revive its plans for a stock market debut.
  • The penalty is seen as a key step in China's crackdown on private enterprises and will help stabilize private sector confidence.
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Forbes broke the news in United States on Friday, July 7, 2023.
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