US EditionChina 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.
41 Articles
41 Articles
Chinese Regulators Fine Ant Group $985M in Signal That Tech Crackdown May End
HONG KONG — Chinese regulators are fining Ant Group 7.123 billion yuan ($985 million) for violating regulations in its payments and financial services, an indicator that more than two years of scrutiny and crackdown on the firm that led it to scrap its planned public listing may have come to an end. The People's Bank of China imposed the fine on the financial technology provider on Friday, stating that Ant had violated laws and regulations relat…
China’s Ant Group fined almost US$1 billion as tech firms hit with hefty fines, crackdown draws to close
Chinese regulators said Friday they had fined fintech giant Ant Group almost US$1 billion for “illegal acts” and handed an affiliate of rival Tencent a US$415 million penalty, adding that a long-running crackdown on tech firms was drawing to a close. The logo of the Ant Group, the financial arm of Chinese e-commerce giant Alibaba, outside the company’s offices in Hong Kong, on October 30, 2020. Photo: Anthony Wallace/AFP. Ant operates Alipay, t…
China to end Ant Group's regulatory revamp with fine of at least $1.1B, say sources
HONG KONG – Chinese authorities are likely to announce a fine of at least 8 billion yuan ($1.1 billion) on Ant Group as soon as Friday, sources with direct knowledge of the matter said, bringing an end to the fintech company’s years-long regulatory overhaul. The People’s Bank of China (PBOC), which has been driving the […] The post China to end Ant Group’s regulatory revamp with fine of at least $1.1B, say sources appeared first on Inquirer Bus…
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