• China orders Jack Ma’s Ant Group to overhaul its business

    China orders Jack Ma’s Ant Group to overhaul its business0

    China’s central bank announced Sunday it ordered Ant Group, controlled by billionaire Jack Ma, to follow regulations, revamp lending and other consumer finance operations and “return to its roots” of online payment services. Ant said it plans to comply. Why it matters: The action against the world’s largest financial technology firm marks the latest move

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  • Alibaba, Ant Face Crackdowns From Chinese Regulators

    Alibaba, Ant Face Crackdowns From Chinese Regulators0

    China is coming down hard on one of its biggest and most powerful business empires. On Thursday, Chinese regulators said they were taking action against billionaire Jack Ma’s two crown jewels, e-commerce giant Alibaba Group Holding Ltd. and finance behemoth Ant Group, moves that followed the abrupt shutdown last month of Ant’s planned blockbuster public

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  • Jack Ma Makes Ant Offer to Placate Chinese Regulators

    Jack Ma Makes Ant Offer to Placate Chinese Regulators0

    As Jack Ma was trying to salvage his relationship with Beijing in early November, the beleaguered Chinese billionaire offered to hand over parts of his financial-technology giant, Ant Group, to the Chinese government, according to people with knowledge of the matter. “You can take any of the platforms Ant has, as long as the country

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