China ordered Ant to return to its origins in payment services

Photographer: Kilai Shane / Bloomberg

Chinese regulators order Jack Mana’s financial online financial titan Ant Group Co. threatens to grow into one of its most lucrative businesses of consumer loans and asset management, to return to its roots as a provider of payment services.

The central bank called Ant officials over the weekend and asked them to improve the company’s lending, insurance and asset management services, People’s Bank of China said in a statement on Sunday. While it did not directly ask for the company’s collapse, the central bank insisted that Ant needed to “understand the need to better understand its business” and come up with a timetable as soon as possible.

The range of commands represents a serious threat to the expansion of the Mana Finance Online financial empire, which has grown rapidly over the last 17 years from an operation like PayPal to a full service service. Before regulators intervened, Ant was prepared for a public listing valued at more than 300 300 billion. The Hangzhou-based company now needs to move forward with the establishment of a separate financial holding company to ensure that there is sufficient capital at present and to protect personal private data, the central bank said.

“This is the culmination of a series of rules and sets the direction for the ant business to move forward,” said Zhang Xiaoxi, a Beijing-based analyst at Gavel Dragonics Mix. “We have not seen a clear sign Split Yet. Ant is a huge player in the world and anyone needs to be careful to break. “

Authorities threatened sub-par corporate governance, intimidation, disregarding regulatory requirements, and engaging in regulatory arbitration. The central bank said Ante used its dominance to exclude competitors, harming the interests of millions of its customers.

China last week intensified its investigation into the twin columns of the billionaire Mana Internet domain when it also launched an investigation into alleged monopoly practices in anthill. Alibaba Group Holding Ltd. The e-commerce firm’s U.S.Listed shares Most messed up on investigative news

The state administration dispatched investigators to Alibaba on Thursday for market regulation and, according to Saturday, the on-site inspection was completed on the day. Report posted on a news application powered by Zhejiang Daily. The report cites an unnamed official from Chadong, a local market regulator in Zhejiang Province, where Alibaba is located.

Pressure on mothers is central to the widespread efforts to curb the growing influence of the Internet.

Once considered the drivers of economic prosperity and symbols of the country’s technological prowess, the empires built by Ma, The chairman of Tencent Holdings Limited, “Pony” Ma Huateng, and other tycoons are now under investigation after gathering millions of users and gaining influence on every aspect of everyday life in China.

Maa’s own empire is in a state of crisis. In early December, under regulatory scrutiny with Antony, the government advised a person known very closely with China Inc.’s weather emergence to stay in the country, a person familiar with the matter said. Alibaba has slashed its market value by more than 200 200 billion since November, while regulators set a record of 35 billion ants debut.