China set to fine Ant Group over $1B, signaling revamp nears end-sources

HONG KONG - Chinese authorities are poised to impose a fine of more than $1 billion on Jack Ma's Ant Group, said six sources with direct knowledge of the matter, setting the stage for ending the fintech company's two-year long regulatory overhaul. The People's Bank of China (PBOC), which has been driving the revamp at Ant after the Chinese firm's $37-billion IPO was scuttled at the last minute in 2020, is the regulator that is readying the fine, said five of the sources. The central bank has been in informal communication with Ant about the fine over the past few months, said three of the sources. It plans to hold more discussions with other regulators about Ant's revamp later ...

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