In 2020, the financial group had to cancel the planned IPO at the last minute.
(Photo: Bloomberg)
Hong Kong According to insiders, the Chinese authorities will sentence Ant Group to a billion-dollar fine as the culmination of years of investigation. The online financial group will have to pay at least eight billion yuan ($1 billion), several people familiar with the matter told Reuters on Friday.
The Chinese central bank, which had pushed for the company to be restructured and placed under banking supervision, will make the decision public in the coming days. Ant and the People’s Bank of China (PBoC) could not immediately be reached for comment.
Investors reacted with relief to the Reuters report. They hope that the investigations against other technology companies will be completed soon, said Rukim Kuang, founder of the consulting firm Lens. The shares of the former Ant parent Alibaba, which are listed in the USA, rose by almost three percent before the market.
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