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Alibaba (NYSE:BABA), Berkshire Hathaway Inc (NYSE:BRK-A) - Charlie Munger: Communists Did The Right Thing In Muzzling Jack Ma
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China widens internet crackdown with Meituan monopoly probe
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In this Oct. 26 file photo, a view of the signage of Ant Group in the headquarters compound of the fintech giant in Hangzhou in eastern China’s Zhejiang province. (AP Photo)
BEIJING 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.
The overhaul, in the works for several months, includes Ant turning itself into a financial holding firm, a move expected to curb its profitability and valuation by curtailing some of its freewheeling businesses.
It comes two days after Ma’s 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 booming “platform economy.”
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