Big trouble for Jack Ma led Ant Group! Here is what China wants
Chinese authorities have told state-owned firms and banks to start a fresh round of checks on their financial exposure and other links to Jack Ma led Ant Group Co Ltd, Bloomberg News reported on Monday, citing people familiar with the matter. Institutions were asked by many regulators, including the China Banking and Insurance Regulatory Commission, to closely examine all exposure they had to the Jack Ma-controlled fintech group, its subsidiaries and even its shareholders up to January, the report added.
Ant Group, the payment affiliate of Alibaba Group Holding Ltd, declined to comment.
The National Audit Office is leading the initiative, the report said.
Ant has been subjected to a sweeping restructuring by China, whose initial public offering of $37 billion was derailed by regulators in late 2020.
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