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China told Ant Group to become a financial holding company that will be regulated more like a bank, directing an overhaul that was set in motion when the fintech giant’s record initial public offering was abruptly halted last year.
At a meeting on Monday, the central bank ordered Ant to rectify its business in five areas, including eliminating unfair competition in its payments business, managing liquidity risks in its major fund products, ending a monopoly on information and improving corporate governance, according to a government statement. It also told the firm to cut the outstanding value of its money-market fund Yu’ebao.
They were just days away from a multi-billion-dollar windfall. But now employees of Jack Ma’s Ant Group Co. are stuck holding shares so difficult to value that even the company itself is struggling to determine a fair price. It has shelved a share buyback program for current and departing staff, in part because of uncertainty over how to value the company, according to Ant executive familiar with the matter. The move underscores two intertwined challenges facing Ant, four months after Chinese authorities torpedoed its $35 billion initial public offering: The fintech giant’s future is still shrouded in doubt due to an ongoing lack of regulatory clarity, and employee morale is increasingly under threat.
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Welcome to Wiley’s update on recent developments and what’s next in consumer protection at the Consumer Financial Protection Bureau (CFPB) and Federal Trade Commission (FTC). In this newsletter, we analyze recent regulatory announcements, recap key enforcement actions, and preview upcoming deadlines and events. We also include links to our articles, blogs, and webinars with more analysis in these areas. We understand that keeping on top of the rapidly evolving regulatory landscape is more important than ever for businesses seeking to offer new and ground-breaking technologies.
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