In this Oct. 26 file photo, a view of the signage of Ant Group in the headquarters compound of the fintech giant in Hangzhou in eastern China’s Zhejiang province. (AP Photo)
BEIJING China has imposed a sweeping restructuring on Jack Ma’s Ant Group, the fintech conglomerate whose record $37 billion IPO was derailed by regulators in November, underscoring Beijing’s determination to rein in its internet giants.
The overhaul, in the works for several months, includes Ant turning itself into a financial holding firm, a move expected to curb its profitability and valuation by curtailing some of its freewheeling businesses.
It comes two days after Ma’s Alibaba Group Holding Ltd , of which Ant is an affiliate, was hit with a record $2.75 billion antitrust penalty as China tightens controls on the booming “platform economy.”
By Reuters Staff
5 Min Read
April 12 (Reuters) - China’s Ant Group, the fintech giant whose $37 billion IPO was derailed by regulators days before it was due to list in November, is to restructure as a financial holding company.
The overhaul comes just after e-commerce giant Alibaba Group Holding Ltd, of which Ant is an affiliate, was hit with a $2.75 billion antitrust penalty as China tightens controls on the “platform economy”.
The Alibaba business empire has come under intense scrutiny in China since its billionaire founder Jack Ma’s public criticism of the country’s regulatory system in October.
Following are key events leading up to Ant Group’s shift to a holding company and the fine on Alibaba.
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.
/PRNewswire/ Glory Star New Media Group Holdings Limited (NASDAQ: GSMG) ("Glory Star" or the "Company"), a leading mobile and online digital media and.
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