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.
Chinese regulators asked Ant Group Co (螞蟻集團) to become a financial holding company that could be regulated more like a bank, offering the first significant guidance on how the financial technology company should overhaul operations after halting its record initial public offering (IPO).
The central bank told Ant Group to rectify unfair competition in its payments business and also end information monopoly, a government statement said.
It also asked the company to cut the outstanding value of its money-market fund Yu’ebao (餘額寶).
The overhaul of Ant Group marks a milestone for regulators, creating a definitive supervision framework for the biggest player in the
China extends crackdown on Jack Ma s empire with enforced revamp of Ant Group | Money malaymail.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from malaymail.com Daily Mail and Mail on Sunday newspapers.
The dollar fell slightly on Monday and a gauge of global equity markets slid from record highs last week as investors wait to see whether an expected jump in U.S. earnings will justify stock prices already trading at very high premiums.