(Beijing Comprehensive News) Sources said that China's regulatory agencies are expected to issue a ticket of about 5 billion yuan (S $ 969 million) for the financial technology giant company Ant Group, which is more than 1 billion US dollars (1.379 billionSingapore) fines have been reduced by a quarter.This may indicate that China's rectification of technology companies will come to an end.
Reuters on Tuesday (April 18) quoted sources reported that the Bank of China, which dominated Ant Group's rectification, would announce a fine of Ant within several months.In addition to reducing fines, the official also hopes to soften the allegations of ants.
Reuters reported in November last year that the official will use Ant's illegal acts related to "disorderly expansion of capital", as well as the corresponding financial risks it causes as a reason for a penalty.The latest news states that the official is now intending to change the reason for the start of penalties to cause financial risks and operate certain businesses without appropriate permission. It is hoped that a mild tone will help stabilize the confidence of private enterprises.
The Internet technology industry rectifies to come to an end
People familiar with the matter said that the regulatory agency has been considering reducing fines at least since January this year, and has been communicating with Ant Group on this.However, sources warned that the amount of fines may still change.
China's official supervisory official in 2020 is called to suspend the listing of Ant Group, which is considered to be the beginning of rectifying the national Internet technology industry.The market value of the Chinese Internet giants has evaporated by more than one trillion US dollars.Reuters believes that reducing punishment for Ant Group, coupled with the group founder Ma Yun's recent return to China, means the end of the rectification operation and the official extended olive branches to the private sector.
Ant Group has made a series of adjustments in the past three years, including executives withdrawing from Alibaba to realize the isolation with Ali, incorporating credit business into supervision, and shutting down insurance business.The biggest action took place in January this year, and the founder Ma Yun gave up the actual control of the group.
According to the central bank's rectification requirements, the company still lacks two key licenses: credit reporting and financial control.In the market, there are only two credit reporting agencies that have obtained the former, and they have the state -owned background.The latter had earlier that the central bank had told the Finance News that as of June 2022, the People's Bank of China had not accepted an application for the establishment of a financial holding company for the Ant Group.
Reuters reports that the fine will help the Ant Group to obtain a financial holding company license to pave the way for the restarting listing in the future.
