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Chinese regulators have ordered Ant Group, the world’s largest financial technology company, to rectify its businesses and comply with regulatory requirements amid increased scrutiny of anti-monopoly practices in the country’s Internet sector.
Alibaba Group Holding Ltd led a second day of frenetic selling among China’s largest tech firms, driven by fears that antitrust scrutiny will spread beyond Jack Ma’s Internet empire and engulf the country’s most powerful corporations.
BEIJING (Reuters): Ant Group Co Ltd is considering folding most of its online financial businesses, including consumer lending, into a holding company that would be regulated like traditional financial firms, two people with direct knowledge of the matter said.
SHANGHAI: China's blue-chip index and start-up board ChiNext both hit their highest in more than five years on Wednesday, as Asian stocks hit a record on hopes of a strong economic recovery next year.
The legislation was hailed by tech leaders as a milestone for the ‘governing the digital industry according to the law’. Zhejiang’s new regulations come amid a countrywide focus on data and digital infrastructure.
BEIJING (China Daily/ANN): China's market regulator said on Wednesday (Dec 30) it had fined e-commerce giant JD, Alibaba Group's business-to-customer platform Tmall and discount e-retailer Vip.com 500,000 yuan (US$76,650) each for irregular pricing.