Financial News
Author: Wan Ran
2020-12-24 09:00
Last update date: 2020-12-24 09:27
According to official media news on December 24, the State Administration for Market Regulation recently filed an investigation into Alibaba Group (9988) for suspected monopolistic activities such as "choose one out of two" according to the report.
In addition, the People’s Bank of China, the China Banking Regulatory Commission, the China Securities Regulatory Commission, and the State Administration of Foreign Exchange will meet with Ant Group in the near future to supervise and guide Ant Group in accordance with the principles of marketization and rule of law to implement financial supervision, fair competition and protect the legitimate rights and interests of consumers. And other requirements to regulate the operation and development of financial services.
Ant Group responded that it received the notice of the interview from the supervisory department, and will earnestly study and strictly abide by the requirements of the supervisory department, and complete the implementation of related work without compromise.
A person familiar with the matter recently revealed that before the Chinese financial technology giant Ant Group's listing in Shanghai and Hong Kong was suspended, Alibaba and Ant Group founder Jack Ma had offered to hand over part of Ant's business to the Chinese government.
Jack Ma's olive branch failed to save the Ant Group's IPO. Afterwards, regulators took a series of actions against large technology companies leading the Internet business known as the "platform economy."
Alibaba