2023-07-07 07:09:26
China is likely to announce a more than 8 billion yuan ($1.5 billion) fine on Jack Ma’s fintech firm Ant Group as early as Thursday, Archyde.com reported.
The People’s Bank of China (PBOC) plans to announce the fines once the regulatory review is complete, Archyde.com said, citing people familiar with the matter. The move would allow Ant to obtain a financial holding company license, resume expansion, and eventually revive plans for an initial public offering (IPO), Archyde.com reported.
In the Hong Kong market on the 7th, the stock price of Alibaba Group, which owns Ant, rose 6.4% at one point, the biggest rise in about a month. Ma founded Alibaba, China’s largest e-commerce company.
Original title:China to Wrap Ant Probe With $1.1 Billion Fine, Archyde.com Says (1)(excerpt)
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