Jack Ma -China’s Regulatory Pressure On Alibaba And Ant Group Sends Tech Stocks Tumbling

  • Posted on January 05, 2021
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  • By Super Admin
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Jack Ma cofounded Alibaba Group ,Chinese regulators said Sunday that Ant Group had been ordered to revamp its business by returning to its origins as an online payments platform.

Jack Ma -China’s Regulatory Pressure On Alibaba And Ant Group Sends Tech Stocks Tumbling

Shares of Chinese tech giants tumbled Monday as concerns mount that a regulatory clampdown targeting Jack Ma’s businesses will spread across the wider internet sector.

Chinese regulators said Sunday that Ant Group had been ordered to revamp its business by returning to its origins as an online payments platform. The fintech firm was told it needs to “rectify” its credit, insurance and wealth management businesses, according to a statement from the People’s Bank of China

The central bank’s statement came less than two months after regulators blocked Ant’s initial public offerings in Hong Kong and Shanghai that had been set to raise $34.5 billion. Chinese leaders reportedly halted the deal after Ma publicly complained that the regulators were too focused on controlling risk at the expense of innovation that was needed to build a healthy financial system.

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