China set to fine Ant Group over $1 bn, signalling revamp nears end

Chinese authorities are poised to impose a fine of more than $1 billion on Jack Ma’s Ant Group, said six sources with direct 

knowledge of the matter, setting the stage for ending the fintech company’s two-year long regulatory overhaul.

The People’s Bank of China (PBOC), which has been driving the revamp at Ant after the Chinese firm’s $37 billion IPO was scuttled at the last minute in 2020, is the regulator that is readying the fine. 

The central bank has been in informal communication with Ant about the fine over the past few months. 

A fine on Ant could help pave the way for the company to secure a long-awaited financial holding company license, seek growth again, and eventually revive its plans for a public market debut.

Ant’s fine would be the largest regulatory penalty imposed on a Chinese internet company since ride-hailing major Didi Global was fined $1.2 billion by China’s cybersecurity regulator in July.