China Regulators to Supervise Ant Group, Direct Restructuring

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China Regulators to Supervise Ant Group, Direct Restructuring

15th April 2021 | Hong Kong

China regulators have directed Ant Group to be restructured into a financial holding company, that will require the financial technology company be supervised under banking regulations.

“ China Regulators to Supervise Ant Group, Direct Restructuring “

The announcement made on 12th April 2021 required Ant Group to be structured and implement new changes, including opening up its payment apps to competitors, oversight of consumer lending businesses, increased data protection and to reduce the size of its money market fund.  

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Oversight of Banking, Payment & Fund Management Businesses

In most countries, financial services such as banking, payment and fund management are highly regulated and require licenses to operate. 

The tight regulations allow countries to manage capital and money flow, protect consumer interests and prevent foreign or domestic interferences into their economy and financial system. 

Chinese Authorities Increase Oversight of Technology Companies

In recent months, the Chinese authorities have been clamping down on anti-competition practices by technology companies in China, including businesses into payment, finance, lending and investments. 

In March 2021, China’s antitrust regulator fined China’s internet & technology giants Tencent, Baidu, ByteDance (owns TikTok) and Didi Chuxing for their investments and acquisitions in recent times for not seeking approvals for M&A deals that will violate anti-competition regulations. (M&A ~ Merger & Acquisitions)

In April 2021, the Chinese authorities fined Alibaba $2.78 billion for anti-competition practices.  

Alibaba Group under Scrutiny in China

In November 2020, Ant Group planned IPO that will raise $34.5 billion and create a Chinese financial technology giant with more than $300 billion market capitalization, was suspended by both Shanghai and Hong Kong Exchange.

In March 2021, the Chinese government directed Alibaba Group to sell or reduce its vast media assets, including Hong Kong’s South China Morning Post (SCMP), in a move to reduce its massive influence on public opinions.

Alibaba was founded in 1999 by Jack Ma and 17 friends and students in China.  Today, it is one of the world’s largest e-commerce and technology company in the world.  

Related:

• Alibaba Fined $2.78 Billion by China State Regulator for Anti-Monopoly Practices
• Chinese Government Directs Alibaba to Sell or Reduce Media Assets, Including SCMP
• Ant Group $300 Billion Record IPO Suspended in both Shanghai and Hong Kong Exchange
• Ant Group Files for IPO in Hong Kong & Shanghai, to Raise $30 Billion at $225 Billion Market Value
• United States SEC Gives Record $114 million to a Single Whistleblower

More:

• UK-Based Deliveroo IPO on London Stock Exchange, Down 26.4% on 1st Day
• Baidu IPO on Hong Kong Exchange, Price Remains Unchanged on Day 1
• South Korea E-Commerce Giant Coupang IPO on NYSE, Rises 41% on Day 1
• Kuaishou IPO Rises 160% on Day 1, Raised $5.32 Billion

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