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 , which has been driving the revamp at Ant after its $37 billion IPO was scuttled in late 2020, is expected to disclose the fine in the coming days, the sources told Reuters.
For the broader technology sector, an Ant fine would mark a key step towards the conclusion to China's bruising crackdown on private enterprises that began with the scrapping of Ant's IPO and which has subsequently wiped billions off the market value of several companies. Moves by the Chinese government to "finalise penalties, clarify its expectations, and draw clear compliance boundaries are key to stabilising private sector confidence," said Rukim Kuang, founder of Beijing-based Lens Consulting.Founded by billionaire Jack Ma, Ant undertakes payment processing, consumer lending and insurance products distribution, among other businesses. In mid-2020 before its IPO was pulled, it was valued by some investors at more than $300 billion.
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