‘Billion-dollar fine for Ant Group’ – Emerce

The Chinese authorities would like to impose a fine of one billion euros on Ant Group owned by Chinese billionaire Jack Ma. That says Reuters news agency based on several anonymous sources.

The fine, the largest of its kind ever in China, exactly means, is not clear. He would also not be imposed until next year.

The Chinese government already intervened two years ago at Ant Group, a subsidiary of the Chinese webshop Alibaba that specializes in financial services. Regulators held back Ant’s planned IPO for fear of instability in China’s financial system.

However, strict government action has eased in recent months as Chinese tech companies are struggling due to lockdowns.

Once the fine has been paid, the Ant Group could concentrate on further growth.

Source: Nieuws – Emerce by www.emerce.nl.

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