China NewsBase
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126 articles matching the search query.
Ant Group-backed Zomato beefs up quick delivery game with bigger Blinkit stake
Indian food-delivery firm Zomato Ltd is set to buy local grocery-delivery startup Blinkit for 44.47 billion rupees ($568.16 million) in an all-stock deal, in a bid to step up its game as competition in the quick-delivery market gets fierce.
Ant Group hires risk-control veteran for consumer lending arm
The appointment of Qiao Zhanwen, a former risk strategy management executive at Ant, comes amid increasing speculation over the potential revival of the company’s botched IPO.
Alibaba dips even as Ant Group may apply for financial holding license this month: report
Alibaba (BABA) shares dipped on Wednesday even as Bloomberg reported that Ant Group, the financial technology firm founded by Alibaba co-founder Jack Ma, may apply to become a...
Ant, Alibaba plan for less intertwined future after China crackdown
The moves underscore the new reality in China's business landscape.
What the Ant Group IPO reboot means
China’s financial regulators are reportedly holding discussions to allow Ant Group to revive its IPO, two years after it was suspended.
Alibaba (9988): China's Anti-Graft Agency Has Direct Role in Jack Ma’s Ant Probe
China’s biggest graft-busting body was involved in the probe of Ant Group: The Central Commission for Discipline Inspection (CCDI), which oversees corruption probes into top Party officials, was one of the agencies named in a recent investigation into links between state-owned Chinese firms and Ant — the fintech offshoot of Alibaba.
Ant’s planned IPO was canceled after Alibaba founder Jack Ma (马云 Mǎ Yún) criticized China’s financial regulators in 2020. Chinese prosecutors this week charged former Hangzhou Party chief Zhōu Jiāngyǒng 周江勇 with accepting “huge” bribes, but did not mention rumored connections to Ant.
Alibaba’s stock blues
Alibaba’s stocks plummeted all over the globe. At such cheap prices, should wary investors cash in?
郭树清谈蚂蚁等整改：自查基本结束，还有一些问题需继续探索_金改实验室_澎湃新闻-The Paper
The rectification of Alibaba’s fintech affiliate Ant Group is nearly complete, but not yet over, said chairman of the China Banking and Insurance Regulatory Commission, “Whirlwind” Guō Shùqīng 郭树清, said at a press conference.
Ant Group Founds Software-as-a-Service Unit
Alibaba affiliate Ant Group has founded a software-as-a-service unit as a pivot away from its core consumer finance business, which has increasingly brought trouble from regulators.
因违反账户管理规定等 网商银行被罚2236.5万元
Ant Group–backed online lender MYBank (网商银行) was fined 22.37 million yuan ($3.52 million) by China’s central bank for violating credit scoring management and anti-money-laundering rules. This is the third central bank fine MYBank has received since it was founded in 2015 with investment from Ant (which owns 30%) and other investors.
Editor’s note for Friday, January 21, 2022
A note for Access newsletter readers from Jeremy Goldkorn. Today: Anti-corruption investigations are coming to Big Tech, and Ant Group is connected to a corruption scandal involving Zhou Jiangyong, the former Party secretary of Alibaba’s home city of Hangzhou; Guangdong Province says it has eliminated “hidden local government debt”; German companies pressure Lithuania to back down in China dispute; Chinese media poke fun at the U.S. for 5G service troubles near airports; and more.
China Launches Digital Yuan App in Pilot Cities Nationwide
A digital yuan app has now launched in 12 cities and regions, including Shenzhen, Shanghai, Beijing, and Zhangjiakou — another hosting location of the Beijing Olympics next month. Caixin reports that the app allows users to choose between nine partner banks, including Tencent’s WeBank and Ant Group’s MYbank, and transfer funds and make online and offline payments.
Jack Ma’s Ant Group Sees Profit Rise 39% on Investments
Ant Group Co.’s profit rose an estimated 39% in the June quarter, attributed to a gain in investments as billionaire Jack Ma’s fintech giant grapples with the impact of China’s rapidly shifting rules for private enterprise.
Alibaba shares surge nearly 7% after Jack Ma appears in Europe and company releases new chip
Jack Ma took his first steps on foreign soil since the suspension of Alibaba affiliate Ant Group’s IPO in November 2020. Alibaba’s shares surged nearly 7% on the news.
Ant Group, Tencent open their ‘walled gardens’ to UnionPay
State-owned UnionPay’s mobile payment service is getting wider access to the platforms of industry giants Alipay and WeChat Pay.
Ant Group microcredit service Huabei shares user data with China’s central bank
Consumer credit data gathered by Huabei are now included in the financial credit information database run by the People’s Bank of China.
Ant to Fully Share Consumer Credit Data With China’s Government
Credit data generated by the fintech giant’s consumer lending service will be made available to the central bank’s credit-reporting system amid efforts to bring the company in line with Chinese regulators’ priorities.
Beijing to require Ant’s Alipay to spin off separate loan app
Ant Group knows how its customers spend their money, and can target them for loans if they are profligate spenders. That practice may be about to end, according to a new report on upcoming regulator actions.
How Alibaba intends to use its ‘common prosperity’ fund
The plan consists of 10 initiatives including promoting investments in technology, supporting small businesses and fostering development in rural areas.
China’s Red New Deal: Tracking all the different crackdowns on companies going on right now
Updated October 26: SupChina’s tracker of all of China’s different crackdowns — now affecting 19 different industries or interest groups.
Alibaba’s new blockchain auction site is selling rights to Star Wars art
A new section of Alibaba Auction allows artists to sell the rights to their works using blockchain, with bids next month starting at US$15 per piece.
China’s ‘Big Tech crackdown’: A guide
The Chinese government is tightening its control over Chinese technology companies in dramatic ways: There will be a sea change in 2021: Capital flows between the U.S. and China will in some cases reverse, and the incentives that have driven the Chinese economy for the last two decades have changed.
China’s regulatory crackdown is good news for startups aligned with CCP goals
Things are changing in China, and the regulatory landscape of tech work in the country won't be the same from here on out.
Ant Group-Backed Ubox Said to Weigh $500 Million Hong Kong IPO
Beijing Ubox Technology & Trade Co., a Chinese intelligent vending machine maker, is weighing a Hong Kong initial public offering that could raise as much as $500 million, according to people familiar with the matter.
Beijing is going to restrain Ant, not kill it
Alibaba affiliate Ant Group is taking a hammering from regulators, but the government’s intent is to tame the fintech giant, not ruin its business.
Ant issues self-disciplinary rules, CEO resigns
Alibaba affiliate and fintech giant Ant Group wants to appease the authorities with self-regulation, but will this be enough to get the government off its back?
China’s digital currency goes global as domestic trials expand
The People’s Bank of China leads the world in digital currency pilots, and now the virtual yuan is going global.
China curbs online lending, forces tech firms to pay more
Ant Group and other fintech lenders will need to pay $30 for every $100 it issues under new rules as Chinese regulators tighten requirements for online lending and control on financial risks.
China fines three large internet companies for Anti-Monopoly Law violations
Beijing is beginning to enforce antitrust regulations on large internet companies. Three — Alibaba, China Literature, and Hive Box — received small fines today, and more firms are reportedly under investigation.
Ant Group underfoot — why U.S. markets aren’t dead yet
The government may have just been waiting for the right moment to crack down on China’s internet giants, but why now? Why Alibaba? What happened behind closed doors?
Wall Street blunts the ‘delisting’ hype
The retreat of Chinese companies from American capital markets is an overblown story, argues Kevin Xu. On the contrary, the last year has seen the most Chinese fundraising in the U.S. since 2014.
After Ant IPO suspension, Beijing eyes antitrust regulation for tech sector
A week after the surprise suspension of the Ant Group’s gargantuan IPO, Chinese regulators are taking the country’s entire tech sector to task. Newly drafted antitrust regulations would bring scrutiny to Alibaba, Tencent, Meituan, JD.com, and others.
Public opinion on Jack Ma swings wildly after China calls off Ant Group’s IPO
The domestic reputation of Jack Ma — the Chinese billionaire and co-founder of tech giant Alibaba — has taken a precipitous tumble after China suspended the blockbuster listing of Ant Group, a financial technology company affiliated with Alibaba.
Ant Group IPO suspended after Jack Ma criticizes regulators
The Shanghai Stock Exchange postponed the massive IPO of Ant Group, a few days after its majority controller, Jack Ma, criticized China’s state-dominated banking system. The exact reasons for the suspension are not yet clear.
After delay, Ant Group’s gargantuan IPO set for early November
Alibaba affiliate Ant Group offers financial services to an enormous population that had previously been neglected by China’s banks, and now the company is set to list in Hong Kong and Shanghai.
Ant Group IPO reportedly delayed in Hong Kong
Ant Group’s listing in Hong Kong likely won’t be completed by the end of October, as originally hoped, due to scrutiny from Chinese regulators. The IPO is unlikely to be derailed, but Ant could soon be the target of largely symbolic sanctions by the Trump administration.
Will Jack Ma’s Ant Group have the biggest IPO ever?
Ant Group, the Alibaba-affiliated financial technology giant, filed yesterday for a massive IPO on both the Hong Kong and Shanghai STAR stock markets. It is estimated to be worth more than $200 billion, meaning its listing could be one of the biggest in history.
China’s own Big Tech antitrust probe
Within days of U.S. Congress questioning American Big Tech companies in an antitrust probe, it looks like China may investigate its own tech giants for anticompetitive practices.
