China hits Alibaba affiliate Ant Group with $985 million fine for violating various regulations
Publishing timestamp: 2023-07-07 09:07:57
Summary
China's central bank has fined Alibaba affiliate Ant Group 7.12 billion yuan ($985 million) for violations of various laws and regulations. This is one of the biggest fines against a Chinese internet firm and marks the conclusion of years-long scrutiny and restructuring of Ant Group. The fine comes as China aims to inject life into the private industry amid a difficult domestic economic situation. Ant Group has recently received approval to expand its consumer finance business, indicating a potential resolution to its regulatory woes. The article also mentions the regulatory crackdown on China's domestic tech sector, including fines imposed on Alibaba and other companies.
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Keywords: breaking news: technology, industry regulation, china, technology, business news, jack ma, alibaba group holding ltd,