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Companies

China Fines Alibaba Record $2.75 Billion for Anti-monopoly Violations

“China slapped a record 18 billion yuan ($2.75 billion) fine on Alibaba Group Holding Ltd on Saturday, after an anti-monopoly probe found the e-commerce giant had abused its dominant market position for several years. The fine, about 4% of Alibaba’s 2019 domestic revenues, comes amid a crackdown on technology conglomerates and indicates China’s antitrust enforcement […]
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Companies

WSJ News Exclusive | Chinese Regulators Try to Get Jack Ma’s Ant Group to Share Consumer Data

“China’s regulators are trying to get Jack Ma to do something the beleaguered billionaire has long resisted: share the troves of consumer-credit data collected by his financial-technology behemoth. Mr. Ma has little room to bargain after the business empire he has built over decades has landed in the crosshairs of regulators and even President Xi […]
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Companies

Ant Group Set to Raise $34 Billion in World’s Biggest I.P.O.

“Ant Group, the Chinese financial technology titan, is set to raise around $34 billion when its shares begin trading in Hong Kong and Shanghai in the coming weeks, which would make its initial public offering the largest on record. The company, the parent of the Alipay mobile payment service, priced its shares around $10.30 apiece, […]
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Companies

Jack Ma’s Fintech Giant Ant to Drop ‘Financial’ From Its Name

“China’s largest financial-technology company is rebranding itself to emphasize the tech rather than the finance, after earlier drawing scrutiny from regulators. Ant Financial Services Group, an affiliate of e-commerce giant Alibaba Group Holding Ltd., said it received approval from China’s top business and commerce regulator to change its name to Ant Technology Group Co. in […]
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Companies

China’s $7.6 Trillion Online Payments Market Is No Longer Enough For Jack Ma’s Ant Financial

“Jack Ma’s Ant Financial grew to become one of China’s largest fintech platforms by providing e-wallet services and online investments to hundreds of millions of consumers. But amid mounting regulatory pressure, Ant has sights on a new market. Ant’s president of advanced technology business group, Geoff Jiang, told FORBES ASIA in an interview that the […]
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Companies

Is Ant Financial Still Worth $150 Billion?

“However, a lot has changed since then. The China-US trade war has escalated and tariffs worth more than $600 billion have been slapped on goods. In China, tech startups have seen fundraising dry up , while investors outside of Asia have also turned bearish after dramatic declines in the valuations of some leading technology players […]
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