Exclusive: Chinese authorities are poised to impose a fine of more than $1 billion on Jack Ma's Ant Group, setting the stage for ending the fintech company's two-year long regulatory overhaul
The penalties are part of Beijing's sweeping crackdown on the country's tech behemoths that has sliced hundreds of billions of dollars off their values and shrunk revenues and profits.
In the months since then, regulators set about reining in Ma's empire, starting with the antitrust probe into Alibaba. Ma, one of China's most successful and influential businessmen, has largely remained out of public view since the crackdown. The overhaul includes folding Ant's two lucrative micro-loan businesses into a consumer finance unit and sharing its treasure trove of data on more than 1 billion users with state firms, a move expected to curb its profitability and valuation by curtailing some of its businesses.The penalty on Ant, however, is unlikely to be finalised till China appoints a number of top officials at the State Council and other government bodies next year, said four of the sources.
Just before Ant's IPO dust-up, the central bank officially issued rules to regulate the country's vast and often complex financial holdings companies, as part of its efforts to rein in systemic financial risks.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
New Ant-Man-Man and the Wasp: Quantumania Empire Image Features Kang the ConquerorAnt-Man and Kang the Conqueror are face-to-face in Empire Magazine's exclusive image from Ant-Man [...]
Read more »
BTS Wins First-Ever AMAs K-Pop Award for Favorite K-Pop ArtistThe group, who is currently on hiatus, also won the trophy for Favorite Pop Duo/Group.
Read more »
Ant-Man 3 Funkos Give Best Look Yet At MCU's MODOK DesignAntManandTheWaspQuantumania Funko! Pops offer the best look yet at the MCU's MODOK design.
Read more »
Ant-Man 3 Director: Kang Will Have 'Profound Impact on the MCU'Kang the Conqueror's debut in Marvel Studios' upcoming Ant-Man and the Wasp: Quantumania, it will have a huge effect on the MCU.
Read more »
New Ant-Man 3 Image Shows Best Look Yet At Kang The Conqueror CostumeA new Ant-Man and the Wasp: Quantumania image shows the best look yet at Jonathan Majors in the Kang the Conqueror costume - and he looks great
Read more »
New 'Ant-Man and the Wasp: Quantumania' Image Shows Paul Rudd and Jonathan Majors Facing OffA new AntManAndTheWaspQuantumania image shows Paul Rudd and Jonathan Majors facing off.
Read more »