$BABA-SW (09988.HK)$$Alibaba (BABA.US)$ China to end Ant Gro...
China to end Ant Group's regulatory revamp with fine of at least RMB 8 b: sources.
The People's Bank of China (PBOC), which has been driving the revamp at Ant after its US$37 billion initial public offering (IPO) was scuttled in late 2020, is expected to disclose the fine in the coming days, the sources told Reuters.
The penalty will help pave the way for the fintech firm to secure a financial holding company licence, seek growth, and eventually, revive its plans for a stock market debut.
For the broader technology sector, an Ant fine would mark a key step towards the conclusion to China's bruising crackdown on private enterprises.
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