<div class="at-above-post addthis tool" data-url="https://www.metro.us/asia-shares-anxious-for/"></div>SYDNEY (Reuters) -Asian shares faltered on Monday as anxious investors wait to see if U.S. earnings can justify sky-high valuations, while a rally in bonds could be tested by what should be very strong readings for U.S. inflation and retail sales this week. MSCI’s broadest index of Asia-Pacific shares outside Japan was off 1.1% in […]<! AddThis Advanced Settings above via filter on get the excerpt ><! AddThis Advanced Settings below via filter on get the excerpt ><! AddThis Advanced Settings generic via filter on get the excerpt ><! AddThis Share Buttons above via filter on get the excerpt ><! AddThis Share Buttons below via filter on get the excerpt ><div class="at-below-post addthis tool" data-url="https://www.metro.us/asia-shares-anxious-for/"></div><! AddThis Sh
BEIJING: China has imposed a sweeping restructuring on Jack Ma s Ant Group, the fintech group whose record $37 billion IPO was derailed by regulators in November, underscoring Beijing s determination to rein in its internet giants.
The overhaul, which has been in the works for several months, includes Ant turning into a financial holding firm, a move expected to curb its profitability and valuation.
It comes two days after e-commerce giant 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 platform economy .
The restructuring, directed by China s central bank, means Ant will be subject to tougher regulatory oversight and capital requirements, likely cutting its valuation from the tech-style pricing of $315 billion it had secured in the run up to last year s foiled IPO.
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.
Alibaba Group Holding Ltd - ADR (NYSE: BABA) shares ripped higher by 9.2% on Monday after the company was fined $2.8 billion by the Chinese government for .