China’s central bank has imposed a $985 million fine on Ant Group, a company owned by the country’s Internet giant Alibaba, writes CNBC.
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This is one of the largest penalties imposed by the People’s Bank of China and caps several years of turmoil related to the concealment and restructuring of Ant Group after its $37 billion initial public offering was withdrawn in 2020.
Since then, China has kept a strict eye on the domestic technology industry, and Ant Group has been forced to rethink its business by changing the way it operates.
Alibaba owns about 33% of Ant Group, and both companies are founded by Chinese billionaire Jack Ma.
2023-07-07 13:21:11
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