China Slaps Jack Ma's Ant Group With $1-B Fine

China’s top financial regulators have fined Ant Group — the fintech firm founded by billionaire Jack Ma — about 7.1 billion yuan ($994 million) for breaking rules related to consumer protection and corporate governance, Wayne Chang and Anna Cooban reported for CNN.

Photo Insert: Ant Group had also broken rules relating to “business activities in banking and insurance, payments, anti-money laundering, and funds sales,” according to a joint statement by regulating bodies.

Ant Group had also broken rules relating to “business activities in banking and insurance, payments, anti-money laundering, and funds sales,” the China Securities Regulatory Commission, the People’s Bank of China and the National Financial Regulatory Administration said in a joint statement.

“We will comply with the terms of the penalty in all earnestness and sincerity and continue to further enhance our compliance governance,” Ant Group said in a statement.

Ant Group is an affiliate of e-commerce giant Alibaba, which was also founded by Ma.

Shares in Alibaba rose sharply on Friday as investors appeared to bet that the fines draw a line under a regulatory crackdown that began back in November 2020 when Ant Group was forced to suspend its IPO just days before its launch.

It was on track to raise $37 billion and become the biggest share sale in history.

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