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China s Ant Group plans revamp amid regulator pressure: Report Toggle share menu
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China s Ant Group plans revamp amid regulator pressure: Report China s Ant Group Co Ltd is planning to refashion itself as a financial holding company under the supervision of China s central bank in the face of regulatory pressure, the Wall Street Journal reported on Wednesday.
FILE PHOTO: A logo of Ant Group is pictured at the headquarters of the company, an affiliate of Alibaba, in Hangzhou, Zhejiang province, China October 29, 2020. REUTERS/Aly Song/File Photo
27 Jan 2021 10:00PM (Updated:
27 Jan 2021 10:05PM) Share this content
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SHANGHAI: China s Ant Group Co Ltd is planning to refashion itself as a financial holding company under the supervision of China s central bank in the face of regulatory pressure, the Wall Street Journal reported on Wednesday (Jan 27).
China’s Central Bank Says Ant IPO Could Resume Once Problems Resolved
Ant Group Co. could resume its plans for an initial public offering once problems are resolved, China’s central bank chief said, offering some relief to global investors seeking signs on what the future holds for the world’s largest fintech giant.
People’s Bank of China Governor Yi Gang said relevant agencies are still investigating issues related to monopolies at billionaire Jack Ma’s Ant Group, adding that the matters were “complicated” and some risks concerned consumer privacy. To resolve the problems, regulators need a clear legal framework, Yi said on a panel at the World Economic Forum on Tuesday.
China is joining the global push to rein in tech giants
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Sam Schechner,
, The Wall Street Journal
Beijing is adding new momentum to efforts in Brussels and Washington to curb the power of big digital companies
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Beijing is adding new momentum to efforts in Brussels and Washington to curb the power of big tech companies.
China recently joined the chorus of governments advancing plans to impose new competition obligations on a small cadre of large technology companies, including Amazon.com Inc., Facebook Inc. and Alibaba Group Holding Ltd.
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