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

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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.

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