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China imposes sweeping restructuring on Jack Ma’s Ant Group
- Wednesday | 14th April, 2021
BEIJING (Reuters) – China has imposed a sweeping restructuring on Jack Ma’s Ant Group, the fintech conglomerate whose record $37 billion IPO was derailed by regulators in November, underscoring Beijing’s determination to rein in its internet giants. It comes two days after Ma’s Alibaba Group Holding Ltd, of which Ant is an affiliate, was hit with a record $2.75 billion antitrust penalty as China tightens controls on the booming “platform economy”. Alipay has more than 730 million monthly users in China and handles more transactions a year than Mastercard or Visa. The People’s Bank of China said that under a “comprehensive and feasible restructuring plan,” Ant would cut the “improper” linkage between Alipay, virtual credit card business Jiebei and consumer loan unit Huabei. The restructuring sets “an example” for financial regulation of the platform economy, the state-backed Economic Daily newspaper said in a Monday commentary.
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