China Alibaba: Shock to Jack Ma’s company! Bank of China ordered to pay fine of about $ 1 billion

Jack Ma Firm: Ant Group, a subsidiary of Chinese billionaire Jack Ma’s company Alibaba, was fined $ 1 billion by the People’s Bank of China on Friday (July 7). has been applied. Ant Group, a subsidiary of Alibaba, is a financial tech company. According to the New York Times report, this fine has been imposed by the People’s Bank of China on consumer protection, payment and anti-money-laundering related laws and regulations violations.

Ordered to shut down crowdfunding platform
In 2020, its affiliate Alibaba faced a record US$2.8 billion antitrust fine following a crackdown on Ant, while ride-hailing company Didi faced a fine of US$1.2 billion. Chinese authorities fined Ant and its subsidiaries US$1 billion and ordered the company to shut down its crowdfunding platform Xianghubao for medical costs.

Alibaba’s 33 percent stake
Alibaba has a 33 percent stake in Ant Group’s stock, which increased by 6 percent on 6 July.  And according to NYT, Regularity has also announced a change in its focus, as most of the major problems in the tech giant’s financial business have been fixed.

Ant, one of the world’s largest online financial tech companies, was founded in 2014. Ant’s massive IPO was stalled by Chinese regulators in November 2020.

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