China has put dozens of local tech companies on notice to heed the country's antitrust laws or else they could face the ire of government regulators. The move comes after authorities fined Jack Ma's Alibaba Group $2.8 billion and also ordered sweeping restructuring changes to his Ant Group financial technology firm. Read more to learn about China's latest attitude change towards Ma and souring relationship with the tech industry.
China has forced a sweeping restructure on the Ant Group so the financial technology firm acts more like a bank. Ant Group's mega $37bn (£27bn) share market launch was derailed by regulators in November over concerns about its finance model. The latest move is part of a wider crackdown by China to …
The Chinese government is warning dozens of tech companies to heed anti-monopoly laws after issuing a record-setting fine against tech giant Alibaba …
The details for Ant’s overhaul have arrived. Ant Group, the fintech affiliate of Alibaba controlled by Jack Ma, will become a financial holding company that will bring more regulatory scrutiny over how it lends and generates profits, China’s central bank said on Monday. Ant started as an online …
Hong Kong (CNN Business) — Jack Ma's business empire just suffered a one-two punch as China continues to tighten the screws on its tech champions. Chinese regulators have ordered Ant Group, which owns the hugely popular Alipay app, to overhaul its operations and become a financial holding company …
The full implications of Beijing’s rapid-fire moves against Jack Ma’s internet empire in recent days won’t be apparent for weeks, but one lesson is …
The Chinese government says it is issuing a $2.8 billion fine on the e-commerce company Alibaba Group for violating its anti-monopoly regulations. Alibaba is one of the most influential tech giants in China and the world. The company was under investigation by the Chinese government since December …
Based on Ant Group’s 2020 numbers, some investors around the world have tagged the Chinese company with a valuation in excess of $200 billion, …
BOSTON/NEW YORK, April 13 (Reuters) - China’s regulatory-imposed revamp of Jack Ma’s Ant Group, transforming the hot fintech into a financial holding company, appears to have dented some investor appetite for any plans to revive what would have been the world’s biggest IPO. The overhaul comes two …
China’s financial regulators and Ant Group, controlled by Chinese billionaire Jack Ma, have agreed a plan to overhaul the planet’s largest financial …
Once revered in China as one of the country's top businessmen, Jack Ma seems to have found himself on the outs with the government of Xi Jinping. The Alibaba co-founder finds his businesses are facing regulatory crackdowns following a speech in which he criticized China's regulators and banks. A consequence of this: A canceled IPO for Ant Group which would have been one of the world's largest. Now Ma must navigate his way back into the good graces of the Chinese government.
