March 16, 2021
Since November, Alibaba has been at the center of a crackdown by Beijing that has included halting the monster IPO of its fintech affiliate Ant Group, and unveiling new antimonopoly rules for tech giants. The developments have seen tens of billions of dollar wiped off its market cap.
But in recent days, fears are deepening that regulatory scrutiny that seemed squarely centered on Jack Ma’s e-commerce and fintech groups could turn to Alibaba’s rival, Tencent. The social media firm on Friday (March 12) was fined under antitrust rules for a past investment into an app, while Bloomberg reported the same day that sources close to China’s financial regulators expect the company to have to restructure its fintech business, just as Ant was required to do.
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Alibaba affiliate: China’s Ant Group CEO leaves after failed IPO
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Reuters
March 15, 2021
A thermal imaging camera is seen in front of a logo of Ant Group at the headquarters of Ant Group, an affiliate of Alibaba, in Hangzhou, Zhejiang province, China October 29, 2020. PHOTO: REUTERS
BEIJING:
China’s Ant Group Chief Executive Officer Simon Hu has unexpectedly resigned amid a regulatory-driven overhaul of the financial technology giant’s business, the first top management exit since a scuppered $37 billion initial public offering (IPO).
Hu, who was named Chief Executive of the Alibaba Group Holding affiliate in 2019, will be replaced by company veteran and Executive Chairman Eric Jing, Ant said in a statement.