The Chinese Central Bank imposed a fine of 7.12 billion yuan (about a billion dollars) on the “Ant Group”; subsidiary of Alibaba, where he said it had violated many regulatory rules.
This is one of the largest penalties against Chinese internet companies, and it comes at the end of the long-running audit and restructuring efforts at Ant Group, after the initial public offering, during which the company valued at $37 billion, was canceled in late 2020.
Alibaba owns about a third of the shares of Ant Group, which provides electronic financial services. Such as payments and consumer loans, the Chinese authorities attributed the de-listing due to regulatory concerns.
2023-07-07 22:05:26
#China #fined #Ant #Group #billion
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