Chinese regulators are expected to fine Ant Group about a quarter less than the more than $1 billion initially planned and downgrade their charges against it, sources said, as they seek to end a years-long crackdown on marquee technology firms, reports Reuters. The fine being considered now is about RMB 5 billion ($728 million), three people with knowledge of the matter said on condition of anonymity as the details are not yet public.
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, two of the people said.
The PBOC and Ant, founded by billionaire Jack Ma, did not immediately respond to a Reuters request for comment. The fine would help pave the way for the fintech giant to secure a long-awaited financial holding company license, seek growth, and eventually revive its plans for a market debut.
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