The company was co-founded by Jack Ma, as was e-commerce giant Alibaba Group (BABA).
On Friday, Chinese financial regulators fined Ant and its subsidiaries a total of 7.1 billion yuan ($984 million) for breaking rules related to consumer protection and corporate governance.
The fines mean the regulatory “overhang” over the Chinese internet sector has finally been removed, Jefferies analysts said Saturday.
Chinese tech shares rallied Monday, with Alibaba rising 3.2% and Tencent gaining 0.7%.
Friday’s fines mark the conclusion of the regulatory crackdown on Ant and could pave the way for the company to revive its long-anticipated IPO, according to analysts.
Persons:
Jack Ma, Didi, Meituan, Ant, ”, Alibaba, Ma, ” Ma
Organizations:
Hong Kong CNN — Ant, Alibaba, CNN, Jefferies, Saudi Aramco, Bund Financial
Locations:
Hong Kong, China, Shanghai, Saudi, Beijing