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China Fines Ant Group, Tencent’s Tenpay and Other Fintech Companies, Bookending Crackdowns to ‘Normalise’ Supervision
Finance Mandarin Tailo-made topic for Ant Group series: The fine imposed on Ant Group by Chinese authorities has been updated to nearly $1 billion as of July 7, 2023. This penalty is paving the way for Ant Group to secure a financial holding company license, seek growth, and eventually, revive its plans. This fine is the largest regulatory penalty imposed on a Chinese internet company since Didi Global was fined.
China's crackdown on web giants Alibaba and Tencent appears to be over, with the two to pay a combined $1.4 billion in fines to atone for past sins as Beijing moves on to "normalized" supervision.
Ant said it had completed its rectification work. "We will comply with the terms of the penalty in all earnestness and sincerity and continue to further enhance our compliance governance." It closed Xianghubao in 2021.
Ant's penalty comes at a time when Chinese authorities are keen to boost private sector confidence as the $17 trillion economy struggles to recover despite the lifting of zero-COVID-19 curbs earlier this year.
It also follows the return to China of Ma earlier this year after spending many months overseas. Ma, who also founded Alibaba, withdrew from public view in late 2020 after giving a speech criticising China's regulatory system, an event widely regarded as a trigger for the crackdown on industry.
He previously owned more than 50% of the voting rights at Ant, but in January it said he would give up control of the company as part of the revamp.
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