Ant Group news and archive

China hits Alibaba with record 2.78 billion dollars for market abuses

Shanghai - Chinese regulators hit e-commerce giant Alibaba with a record 18.2 billion yuan (2.78 billion dollars) fine on Saturday over practices deemed to be an abuse of the company’s dominant market position. The State Administration for Market Regulation said it assessed the fine after concluding an investigation into Alibaba that began in...

Retail

China orders Ant Group to return to online payment roots

Chinese fintech giant Ant Group has been ordered by regulators to drastically change its business model and return to its roots as a payment services provider, as the state squeeze continues on the once unbridled empire of tech tycoon Jack Ma. China's central bank summoned Ant executives over the weekend and demanded the company "strictly...