Chinese authorities announced a fine of nearly $1 billion for financial technology firm Ant Group on Friday, nearly three years after regulators halted the company’s plan for a record-breaking public offering that ushered in a period of intense government scrutiny of technology firms.
The fine announced by China’s top securities regulator is seen as a sign that the authorities are wrapping up investigations into technology firms, bringing to a close a period of tough regulation for the industry.
Officials said earlier this year that they would start to relax oversight of tech firms.
The 2020 crackdown on Ant was followed by a record $2.8 billion antitrust fine for e-commerce giant Alibaba, Ant’s sister company, and a $1.2 billion penalty for ride sharing service Didi.
Regulators fined Ant and its subsidiaries 7.1 billion renminbi ($985 million), and ordered the company to shut down its crowdfunding platform for medical costs, Xianghubao.
Persons:
Ant’s, Didi, Ant, “
Organizations:
Ant Group, China’s, Xianghubao, Regulators