China ends Ant Group’s regulatory revamp with nearly $1 billion fine – Reuters News Agency

Date:

Technology

Chinese authorities announced on Friday a 7.12 billion yuan ($984 million) fine for Ant Group, ending a years-long regulatory overhaul of the fintech company and marking a key step to concluding a crackdown on the country’s internet sector. Ant’s penalty comes at a time when Chinese authorities are keen to boost private sector confidence as the $17 trillion economy struggles to recover despite the lifting of zero-COVID-19 curbs earlier this year.

Market Impact

The penalty amounts to one of the largest ever fines for an internet company in China. U.S.-listed shares in Ant’s affiliate, e-commerce titan Alibaba Group (9988.HK), rose 9% after the PBOC’s announcement. Earlier in the day, its Hong Kong shares jumped as much as 6.4% after the Reuters report before giving up some gains. Ant’s penalty paves the way for the fintech firm to secure a financial holding company license, seek growth, and eventually, revive its plans for a stock market debut.

Article Tags

Topics of Interest: Technology

Type: Reuters Best

Sectors: Technology

Regions: Asia

Countries: China

Win Types: Overall Coverage

Story Types: Exclusive / Scoop

Media Types: Text

Customer Impact: Important Regional Story

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