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China intensifies crackdown on Jack Ma s fintech firm; reviews Ant Group s equity investments
Divestments would also significantly scale back Ant s influence over the country s fast-growing fintech industry, where it has sought synergies with its existing businesses via several investments in recent years
Reuters | December 31, 2020 | Updated 14:15 IST
Ant traces its beginnings to Alipay, which was launched in 2004 as a payment service, and is 33% owned by Alibaba
Chinese regulators are reviewing equity investments held by Ant Group Co Ltd in dozens of companies, three people with knowledge of the matter said, intensifying a crackdown on billionaire Jack Ma s financial technology empire. Regulators are considering whether to instruct Ant to divest some of its investments, mainly in technology and fintech start-ups, if they violate any rules such as creating unfair competition in the market, one of the three sources said.
4 Min Read
HONG KONG (Reuters) - Chinese regulators are reviewing equity investments held by Ant Group Co Ltd in dozens of companies, three people with knowledge of the matter said, intensifying a crackdown on billionaire Jack Ma’s financial technology empire.
FILE PHOTO: A sign of Ant Group is seen during the World Internet Conference (WIC) in Wuzhen, Zhejiang province, China, November 23, 2020. REUTERS/Aly Song/File Photo
Regulators are considering whether to instruct Ant to divest some of its investments, mainly in technology and fintech start-ups, if they violate any rules such as creating unfair competition in the market, one of the three sources said.
By Julie Zhu HONG KONG (Reuters) - Chinese regulators are reviewing equity investments held by Ant Group Co Ltd in dozens of companies, three people with knowledge of the matter said, intensifying a crackdown on billionaire Jack Ma s financial technology empire. Regulators are considering whether to instruct Ant to divest some of its investments, mainly in technology and fintech start-ups, if they violate any rules such as creating unfair competition in the market, one of the three sources said. Any enforced divestments would deprive the group of potentially lucrative investments, compounding existing regulatory pressure to revamp its business structure and put up more capital for its key consumer lending business.
4 Min Read
HONG KONG (Reuters) - Chinese regulators are reviewing equity investments held by Ant Group Co Ltd in dozens of companies, three people with knowledge of the matter said, intensifying a crackdown on billionaire Jack Ma’s financial technology empire.
FILE PHOTO: A sign of Ant Group is seen during the World Internet Conference (WIC) in Wuzhen, Zhejiang province, China, November 23, 2020. REUTERS/Aly Song/File Photo
Regulators are considering whether to instruct Ant to divest some of its investments, mainly in technology and fintech start-ups, if they violate any rules such as creating unfair competition in the market, one of the three sources said.