Read more about Asia shares anxious for earnings season, United States data deluge on Business Standard. Chinese blue chips lost 1.5% ahead of a rush of economic figures from the country.
SHANGHAI: China slapped a record 18 billion yuan (US$2.75 billion) fine on Alibaba Group Holding Ltd on Saturday, after an anti-monopoly probe found t.
By Reuters Staff
4 Min Read
(Reuters) - Ant Group, the fintech affiliate of Alibaba Group Holding Ltd, is to restructure as a financial holding company, China’s central bank said on Monday.
Ant has formed a “comprehensive and feasible restructuring plan,” at the urging of financial regulators, the People’s Bank of China said.
Last November, regulators halted Ant’s planned $37 billion stock listing, days before it was due to list in what would have been the world’s largest IPO.
KIM FORREST, CHIEF INVESTMENT OFFICER, BOKEH CAPITAL PARTNERS IN PITTSBURGH
“It looks like Jack Ma has gone a long way in repairing his relationship with the financial regulators in China. Ant Financial looks like they are going to file to become a supervised bank. It goes a long way in repairing relationship with China and specifically with Xi.