Exclusive: China expected to lower fine on Ant Group to about $700 mln, sources say

Chinese regulators are expected to fine Ant Group about a quarter less than the more than $1 billion initially planned and downgrade their charges against it, sources said, as they seek to end a years-long crackdown on marquee technology firms.

A sign of Ant Group is seen during the World Internet Conference in Wuzhen, Zhejiang province, China, Nov. 23, 2020. REUTERS/Aly Song/File PhotoRegulators to soften wording of charges against Ant -sourcesAmount of fine still subject to changes -sources

Chinese authorities, notably the People's Bank of China which has been driving a revamp at Ant after its $37 billion IPO was scuttled in 2020, are expected to announce the fine in the coming months, two of the people said. For the broader technology sector, an Ant fine decision will mark a key step towards the end of China'son private enterprises that started with the scrapping of Ant's IPO and has wiped billions off market values of Chinese companies.

A lower fine could also help reduce any negative impact on Ant and the fintech sector given the scale of Ant's business and its significance to the industry, the people added.Regulators have since at least January been considering reducing the fine and have been in informal communication with Ant about it, one of the people said.

Wir haben diese Nachrichten zusammengefasst, damit Sie sie schnell lesen können. Wenn Sie sich für die Nachrichten interessieren, können Sie den vollständigen Text hier lesen. Weiterlesen:

Reuters /  🏆 2. in US

Österreich Neuesten Nachrichten, Österreich Schlagzeilen

Similar News:Sie können auch ähnliche Nachrichten wie diese lesen, die wir aus anderen Nachrichtenquellen gesammelt haben.

Find Out How 'Ant-Man and the Wasp: Quantumania' Made the Best Avenger Ever [Exclusive]This is how AntManAndTheWaspQuantumania made the best Avenger ever. Check out the exclusive featurette now:
Weiterlesen »

Alex Borstein Brainstorms Jewish Musical Group Names in 'Corsets & Clown Suits' Clip [Exclusive]Watch Alex Borstein brainstorm Jewish musical group names in an exclusive clip from 'Corsets & Clown Suits'.
Weiterlesen »

Exclusive: China Mobile explores acquiring Hong Kong telecom firm HKBN -sourcesState-owned China Mobile Ltd is exploring a potential buyout of Hong Kong's leading telecoms company HKBN Ltd , which is currently valued at $1 billion, four people with knowledge of the matter said.
Weiterlesen »

Ant-Man and the Wasp: Quantumania Digital Code Giveaway for the Marvel SequelComingSoon is doing an Ant-Man and the Wasp: Quantumania giveaway ahead of the superhero movie sequel's home release.
Weiterlesen »

Go Big Or Go Home with Iron Studios New Ant-Man Quantumania StatueEnter the MCU with the arrival of new 1/10 Art Scale statues from Iron Studios such as a new piece for Ant-Man and the Wasp Quantumania
Weiterlesen »