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Ant Group is poised to receive a fine of at least 8 billion yuan (US$1.1 billion) in the coming days, Reuters reported.
The fine, one of the heftiest ever levied on an internet company in China, should conclude the tech firm’s lengthy regulatory reshaping process led by the People’s Bank of China. This follows the suspension of Ant Groups’s US$37 billion IPO in 2020.
The penalty could also pave the way for Ant Group’s future growth and potential market debut, marking a significant phase in China’s tough crackdown on private businesses.
In January, Bloomberg reported that Ant Group got the green light for a US$1.5 billion raise, citing a notice from the China Banking and Insurance Regulatory Commission division in Chongqing. Meanwhile, Jack Ma also transferred some of his ownership to other executives of Ant Group and Alibaba as part of the fintech firm’s restructuring efforts.
Ant Group was valued at over US$300 billion before its IPO was canceled in 2020.
See also: Is fintech overrated? DBS, OCBC, UOB see record profit, seek reinvention amid uncertainty
Note: This article was written with the help of AI. Don’t worry, humans were still involved in producing this story.
Editing by Thu Huong Le, Miguel Angel Cordon, and Eileen C. Ang
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