China Ends Ant Group's Regulatory Revamp With $984 Mln Fine

Reuters2023-07-07

HONG KONG, July 7 (Reuters) - Chinese authorities announced on Friday a fine of 7.12 billion yuan ($984 million) for Ant Group for violating laws concerning consumer protection and corporate governance, one of the largest ever fines for an internet company in China.

The penalty ends a years-long regulatory overhaul of the fintech company.

The People's Bank of China (PBOC), which has been driving the revamp at Ant after its $37 billion IPO was scuttled in late 2020, announced the penalty in a statement published on its website.

The penalty will help pave 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.

U.S.-listed shares in Ant's affiliate, e-commerce titan Alibaba Group, rose 3.3% in premarket trading after the PBOC's announcement.

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

Comments

Echowhiskey
2023-07-07
Echowhiskey
Why Alibaba up，not family？幸災樂禍?

Leave a comment

{"i18n":{"language":"en_US"},"isChannel":false,"data":{"share":"https://ttm.financial/m/news/1150496856?lang=en_US&edition=fundamental","thumbnail":"","is_english":true,"pubTime":"2023-07-07 20:12","share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","id":"1150496856","market":"us","top_or_hot":-1,"title":"China Ends Ant Group's Regulatory Revamp With $984 Mln Fine","media":"Reuters","content":"<html><head></head><body><p style=\"text-align: start;\">HONG KONG, July 7 (Reuters) - Chinese authorities announced on Friday a fine of 7.12 billion yuan ($984 million) for Ant Group for violating laws concerning consumer protection and corporate governance, one of the largest ever fines for an internet company in China.</p><p style=\"text-align: start;\">The penalty ends a years-long regulatory overhaul of the fintech company.</p><p style=\"text-align: start;\">The People&#39;s Bank of China (PBOC), which has been driving the revamp at Ant after its $37 billion IPO was scuttled in late 2020, announced the penalty in a statement published on its website.</p><p>The penalty will help pave 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.</p><p>U.S.-listed shares in Ant&#39;s affiliate, e-commerce titan Alibaba Group, rose 3.3% in premarket trading after the PBOC&#39;s announcement.</p></body></html>","source":null,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>China Ends Ant Group's Regulatory Revamp With $984 Mln Fine</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nChina Ends Ant Group's Regulatory Revamp With $984 Mln Fine\n</h2>\n\n<h4 class=\"meta\">\n\n\n2023-07-07 20:12 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.streetinsider.com/Corporate+News/China+Fines+Ant+Group+7.12B+Yuan%2C+PBOC+Says+-+Bloomberg/21885366.html><strong>Reuters</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>HONG KONG, July 7 (Reuters) - Chinese authorities announced on Friday a fine of 7.12 billion yuan ($984 million) for Ant Group for violating laws concerning consumer protection and corporate ...</p>\n\n<a href=\"https://www.streetinsider.com/Corporate+News/China+Fines+Ant+Group+7.12B+Yuan%2C+PBOC+Says+-+Bloomberg/21885366.html\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"09988","symbol_name":"阿里巴巴-W","start_time":0,"source_url":"https://www.streetinsider.com/Corporate+News/China+Fines+Ant+Group+7.12B+Yuan%2C+PBOC+Says+-+Bloomberg/21885366.html","article_id":"1150496856","we_media_id":"1036604489","thumbnails":[],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=1150496856","pubTimestamp":1688731967,"sourceInfo":null,"weMediaInfo":{"media_name":"Reuters","introduction":"Reuters.com brings you the latest news from around the world, covering breaking news in markets, business, politics, entertainment and technology","home_visible":1,"id":"1036604489","head_image":"https://static.tigerbbs.com/443ce19704621c837795676028cec868"},"summary":"China Fines Ant Group 7.12B Yuan, PBOC Says.","collect":0,"end_time":0,"defaultTopTitle":"","property":[],"viewcount":null,"language":"en","relate_stocks":{"09988":"阿里巴巴-W","BABA":"阿里巴巴"},"translate_title":"中国以9.84亿美元罚款结束蚂蚁集团监管改革","themeId":"fa15f917602042188480c98c024dba5b","isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"09988":1.1,"BABA":1.1},"content_text":"HONG KONG, July 7 (Reuters) - Chinese authorities announced on Friday a fine of 7.12 billion yuan ($984 million) for Ant Group for violating laws concerning consumer protection and corporate governance, one of the largest ever fines for an internet company in China.The penalty ends a years-long regulatory overhaul of the fintech company.The People's Bank of China (PBOC), which has been driving the revamp at Ant after its $37 billion IPO was scuttled in late 2020, announced the penalty in a statement published on its website.The penalty will help pave 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.U.S.-listed shares in Ant's affiliate, e-commerce titan Alibaba Group, rose 3.3% in premarket trading after the PBOC's announcement.","kind":null,"is_publish_news":true,"is_publish_highlight":true,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1},"commentList":[{"id":195358029475984,"gmtCreate":1688732195655,"gmtModify":1688732201113,"author":{"id":"3586927510697647","authorId":"3586927510697647","name":"Echowhiskey","avatar":"https://static.tigerbbs.com/094b10d09de8295aa44524e91fdc3efc","vip":1,"hat":"https://static.tigerbbs.com/b0a2963eb37c60c5d6d4a8dbcd266952","crmLevel":2,"crmLevelSwitch":1,"authorIdStr":"3586927510697647","idStr":"3586927510697647"},"htmlText":"Why Alibaba up，not family？ 幸災樂禍?","listText":"Why Alibaba up，not family？ 幸災樂禍?","text":"Why Alibaba up，not family？ 幸災樂禍?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/195358029475984","repostId":1150496856,"repostType":2,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"CN"}],"isCommentEnd":false,"newsSizeData":{"likeSize":26,"commentSize":1,"repostSize":1,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.29.1","shortVersion":"4.29.1","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/1150496856"}