ANT REGULATORS FINE
New antitrust law for large tech firms shouldn’t stifle innovation: experts
Zomato, Swiggy, Flipkart and Oyo have opposed the new regulations on digital competition proposed by a government-appointed committee. Indian companies that supported the proposal of ex-ante regulations include Paytm and MakeMyTrip, albeit with caveats.
China's slow AI roll-out points to its tech sector's new regulatory reality
Once known for a cutthroat, "race to market" spirit particularly in the consumer internet sector, companies are slowing down to toe the line and take their cues from Beijing. The previously free-wheeling industry is now seen to be largely compliant, with firms from Alibaba to Tencent making over their businesses, slowing down expansion into new areas and laying off thousands of staff.
China's slow public AI roll-out points to its tech sector's new regulatory reality
Once known for a cutthroat, "race to market" spirit particularly in the consumer internet sector, companies are slowing down to toe the line and take their cues from Beijing.
Jack Ma’s wealth dips $4.1 billion, dragged by Ant’s reduced valuation
Once China’s richest tech tycoon, Jack Ma may now be worth $30 billion, which is less than half of his peak wealth before the failure of the biggest IPO in history in 2020. Jack Ma’s 9.9 per cent stake in Ant Group Co is now estimated to be worth $4.1 billion less than almost a year ago, according to the latest update on Bloomberg Billionaires Index.
Alibaba shares rise 5.5% amid hopes Ant regulatory crackdown is ending
The scrutiny of the last two years created an uncertain environment that wiped billions off China tech sector share prices, including online retail giant Alibaba, gaming company Tencent and food delivery group Meituan.
Explained: What’s next for Ant after its nearly $1 billion fine?
Ant's story so far has been one of a dramatic reversal in fortunes: while its shelved $37 billion IPO in 2020 had valued the company at $315 billion, a share buyback announced on Saturday valued it 75% less at $78.5 billion.
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Jack Ma’s clash with Beijing costs Ant, Alibaba $850 billion
Chinese authorities said on Friday they would wrap up a probe into Ant with the financial technology company paying a fine of almost $1 billion.
Ant's surprise share buyback values firm at steep 75% discount to IPO
Ant's major shareholders, Hangzhou Junhan Equity Investment Partnership and Hangzhou Junao Equity Investment Partnership, have voluntarily decided not to participate in the repurchase, the company added.
Ant to buy back shares at 70% lower valuation than at IPO
The limited partners also committed to retaining the two dividends in 2022 with Hangzhou Junhan and Hangzhou Junao to enhance the operation’s capital strength. With the regulatory clampdowns out of the way Ant can refocus on business growth and even pave way for reviving its IPO.
China ends Ant Group's regulatory revamp with $984 million fine
China's central bank on Friday announced a fine of 7.12 billion yuan ($984 million) for Ant Group.
China to end Ant Group's regulatory revamp with fine of at least $1.1 billion
Chinese authorities are likely to announce a fine of at least 8 billion yuan ($1.1 billion) on Ant Group as soon as Friday, sources with direct knowledge of the matter said, bringing an end to the fintech company's years-long regulatory overhaul.
Digital competition law panel to get time to file report
The panel under corporate affairs secretary Manoj Govil, set up on February 6, was initially granted three months to submit its report. Subsequently, it received extensions of one month each, with the latest deadline being July 5.
China to end Ant Group's regulatory revamp with fine of at least $1.1 billion
The People's Bank of China (PBOC), which has been driving the revamp at Ant after its $37 billion IPO was scuttled in late 2020, is expected to disclose the fine in the coming days, the sources told Reuters.
Jack Ma becomes a teacher again. Here's all about his latest job
Jack Ma, the billionaire, has accepted a teaching post at a university in Hong Kong.
China expected to lower fine on Ant Group to about $700 million: report
Chinese authorities, notably the People's Bank of China (PBOC) which has been driving a revamp at Ant after its $37 billion IPO was scuttled in 2020, are expected to announce the fine in the coming months.
China ecommerce giant Alibaba outlines future strategy
Alibaba chief executive Daniel Zhang outlined details of a plan announced earlier this week to split Alibaba into six main groups as a prelude toward stock listings of some of its companies.
Jack Ma to give up control of Chinese fintech company Ant Group
China's Ant Group said on Saturday that its founder Jack Ma no longer controls the Chinese fintech giant after a series of shareholding adjustments that saw him give up most of his voting rights.
Regulating digital platforms CCI's big challenge, says retiring chairman Ashok Kumar Gupta
In fast-moving digital markets, protracted litigations and delayed interventions could prove to be "expensive or even futile", he said, making a case for the need for CCI to take preventive steps through 'ex-ante' regulations to ensure competition concerns are addressed adequately in the digital platforms.
Alibaba shares sink amid Ant shake-up, earnings risks
Ma's as-yet-unannounced plans to give up control of Ant Group are part of a strategy to appease Chinese regulators and revive Ant's initial public offering, The Wall Street Journal reported on Thursday.
RBI rule will set back fintech firms, says report; Zomato board may clear Blinkit deal on Friday
Fintech firms are claiming that the RBI wants to give banks full control over fintech innovation.
Ant, Alibaba plan for less intertwined future after China crackdown
In moves that would have been inconceivable two years ago, the affiliates have started to restrict access to each other's services, compete for clients and even strike alliances with rivals
Jack Ma, Trump and Xi: How Chinese billionaire flew close to the sun
In a sign of how life has changed for one of China's most successful and influential businessmen, Ma requested an audience with at least two people in Xi's inner circle in the weeks following the blocking of Ant's listing, but his requests were turned down by both, said two separate sources briefed by those people.
Alibaba reports first operating loss as a public company
The fine by China's markets regulator in April was the largest-ever of its kind
Jack Ma makes rare visit to Alibaba headquarters in Hangzhou
The billionaire has kept an extremely low profile since delivering a speech in October in Shanghai criticising China's financial regulators, which set off a chain of events that led to the shelving of what would have been a record $37 billion initial public offering of Alibaba's affiliate Ant Group.
Chinese regulators warn fintech firms against anti-monopoly behavior
To help curb risks to China's financial system, Beijing has in recent months ramped up scrutiny of technology companies and tightened antitrust regulations.
Timeline: Events leading up to China's $2.75 billion fine on Alibaba
Alibaba has come under intense scrutiny in China since its billionaire founder Jack Ma's stinging public criticism of the country's regulatory system in October, which led to the cancellation of the Ant IPO.
Alibaba thanks Chinese regulators for imposing record $2.8 billion fine
It’s a sign of how odd China’s crackdown on the power of big tech has been compared with the rest of the world.
Timeline: Events leading up to China's $2.75 billion fine on Alibaba
The Alibaba business empire has come under intense scrutiny in China since its billionaire founder Jack Ma's stinging public criticism of the country's regulatory system in October.
China fines 3 online vendors for misreported prices, sales
The ruling Communist Party encourages e-commerce and other online industries but worries about the dominance of major competitors. Party leaders say anti-monopoly enforcement, especially against online companies, will be a priority in the coming year.
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