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Ant operates Alipay, the world's largest digital payments platform, which boasts hundreds of millions of monthly users in China and beyond

China fines Ant Group almost US$1 bn over this reason 

Ant operates Alipay, the world's largest digital payments platform, which boasts hundreds of millions of monthly users in China and beyond

Chinese fintech firm Ant Group has been fined almost $1 billion for "illegal acts", the country's securities regulator said on Friday.
"In view of the illegal and irregular acts by Ant Group and its affiliates in previous years... Ant Group and its affiliates have been fined 7.123 billion yuan (US$984 million)", the China Securities Regulatory Commission said in a statement on Friday.
The fine related to "corporate governance, financial consumer protection, participation in business activities of banking and insurance institutions, payment and settlement business, fulfilment of anti-money laundering obligations, and development of fund sales business", the statement said.
Ant operates Alipay, the world's largest digital payments platform, which boasts hundreds of millions of monthly users in China and beyond.
But the company in recent years expanded into offering loans, credit, investments and insurance to hundreds of millions of consumers and small businesses.
The government has sought to rein in runaway personal debt and chaotic lending in the private sector, and upstart Ant's growing profile has been widely viewed as a challenge to vested interests in the country's state-dominated financial sphere.
The Alibaba affiliate was set to launch a record-shattering $35 billion Hong Kong-Shanghai IPO in 2020 when the double listing was abruptly called off by regulators, citing non-compliance with new capital requirements.
It was one of the most prominent targets of a sweeping crackdown on the country's booming tech sector.
On Friday, Alibaba shares were up 3.44 percent in Hong Kong after reports that Ant would be fined, with analysts saying investors saw the punishment as evidence the tech crackdown was drawing to a close.

His company said in a statement on Saturday it was adjusting its ownership structure so that "no shareholder, alone or jointly with other parties, will have control over Ant Group".

Following Bejing's crackdown, billionaire Jack Ma to give up control of Ant Group

His company said in a statement on Saturday it was adjusting its ownership structure so that "no shareholder, alone or jointly with other parties, will have control over Ant Group".

Jack Ma will cede control of Chinese fintech giant Ant Group, the company announced Saturday, following a Communist Party crackdown on the nation's tech sector that targeted the charismatic billionaire.
One of China's most recognisable entrepreneurs, Ma once exemplified a generation of Chinese technology moguls with his rags-to-riches personal tale and penchant for public showmanship.
But the former English teacher has retreated from public view since Beijing torched Ant's planned initial public offering in Hong Kong in 2020 following his barbed comments about government regulators.
His company said in a statement on Saturday it was adjusting its ownership structure so that "no shareholder, alone or jointly with other parties, will have control over Ant Group".
Also Watch| <a href="https://www.editorji.com/world-news/china-suspends-social-media-accounts-of-covid-policy-critics-1673089605315">China suspends social media accounts of Covid policy critics</a>
Laying out the firm's previous complex structure, the announcement showed Ma indirectly controlled 53.46 percent of Ant's shares and deemed him the company's "control person".
He will hold just 6.2 percent of the voting rights following the adjustment, based on information in the statement.
"The adjustment is being implemented to further enhance the stability of our corporate structure and sustainability of our long-term development," the Ant statement said.
Ten individuals -- including the founder, management and staff -- will "exercise their voting rights independently", it said.
The adjustment will not change the economic interests of any shareholders.
Ant operates Alipay, the world's largest digital payments platform, which boasts hundreds of millions of monthly users in China and beyond.

Two years after being derailed by the China's regulators, billionaire Jack Ma plans to give up control of financial technology company Ant Group Co in an effort to move away from affiliate Alibaba Group Holding Ltd, the Wall Street Journal reported. 
Ma, who doesn't hold any titles at Ant, currently controls 50.52% of voting rights in the company. He could transfer some of his voting power to other Ant officials including Chief Executive Eric Jing, Dow Jones cited the people as saying.
Ma has been restructuring his sprawling e-commerce and fintech empire in the aftermath of a sweeping regulatory clampdown on the industry that began in late 2020 when Chinese regulators derailed Ant's planned $37 billion initial public offering, which would have been the world's largest.
A change in control at Ant could slow plans to revive its long-sought IPO, the Journal reported, as China's domestic A-share market requires companies to wait three years after a change in control to list.

Chinese billionaire Jack Ma to give up control of Ant Group?

Chinese billionaire Jack Ma plans to give up control of Ant Group: report

End of the Jack Ma era? 

Ma, currently controls 50.52% of voting rights in the Ant Group

Two years after being derailed by the China's regulators, billionaire Jack Ma plans to give up control of financial technology company Ant Group Co in an effort to move away from affiliate Alibaba Group Holding Ltd, the Wall Street Journal reported.&nbsp;
Ma, who doesn't hold any titles at Ant, currently controls 50.52% of voting rights in the company. He could transfer some of his voting power to other Ant officials including Chief Executive Eric Jing, Dow Jones cited the people as saying.
Ma has been restructuring his sprawling e-commerce and fintech empire in the aftermath of a sweeping regulatory clampdown on the industry that began in late 2020 when Chinese regulators derailed Ant's planned $37 billion initial public offering, which would have been the world's largest.
A change in control at Ant could slow plans to revive its long-sought IPO, the Journal reported, as China's domestic A-share market requires companies to wait three years after a change in control to list.

Ahead of it's mega IPO&nbsp;Paytm has undergone a big board reshuffle which as seen the exit of all Chinese nationals from the IPO&nbsp;bound digital merchant. All&nbsp;Chinese nationals representing key investor Ant Group have stepped down and have been replaced by US and Indian citizens.
Majority shareholder China based Ant Group will now be represented on the Paytm&nbsp;board by&nbsp;US citizen Douglas Feagin.&nbsp;Berkshire Hathaway representative Todd Anthony Combs,&nbsp;&nbsp;Saama Capital's Ashit Ranjit Lilani&nbsp;and SoftBank's&nbsp;Vikas Agnihotri&nbsp;join the digital payment board ahead of the IPO.&nbsp;Paytm Board has called for an EGM&nbsp;on July 12 to&nbsp;decide on Rs 16,600 cr IPO.&nbsp;

Paytm IPO: Board reshuffle, Chinese nationals exit Paytm board

Paytm IPO: In a big foard reshuffle, Chinese nationals exit Paytm board ahead of the mega IPO.&nbsp;

Paytm IPO

lets do a gfx on the people joining with who they represent under them on invideo
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Paytm Board has called for an EGM&nbsp;on July 12 to&nbsp;decide on Rs 16,600 cr IPO.&nbsp;

Ahead of it's mega IPO&nbsp;Paytm has undergone a big board reshuffle which as seen the exit of all Chinese nationals from the IPO&nbsp;bound digital merchant. All&nbsp;Chinese nationals representing key investor Ant Group have stepped down and have been replaced by US and Indian citizens.
Majority shareholder China based Ant Group will now be represented on the Paytm&nbsp;board by&nbsp;US citizen Douglas Feagin.&nbsp;Berkshire Hathaway representative Todd Anthony Combs,&nbsp;&nbsp;Saama Capital's Ashit Ranjit Lilani&nbsp;and SoftBank's&nbsp;Vikas Agnihotri&nbsp;join the digital payment board ahead of the IPO.&nbsp; Paytm Board has called for an EGM&nbsp;on July 12 to&nbsp;decide on Rs 16,600 cr IPO.&nbsp;

Alibaba and Ant co-founder Jack Ma has resurfaced after months out of public view. His appearance at a public event has quashed raging speculation about the plight of the billionaire who is under intense scrutiny of the Chinese authorities over his internet empire. Ma addressed scores of teachers in an online conference on Wednesday, part of an annual event the billionaire hosts to recognize the achievements of rural educators. The top executive had kept out of public view since early November, when Chinese regulators torpedoed Ant's $35 billion IPO and subsequently opened an investigation.

Jack Ma, missing for months, emerges amid China crackdown

Alibaba and Ant co-founder Jack Ma has resurfaced after months out of public view. His appearance has quashed raging speculation about the plight of the billionaire who is under intense Chinese scrutiny

Alibaba and Ant co-founder Jack Ma has resurfaced after months out of public view. His appearance at a public event has quashed raging speculation about the plight of the billionaire who is under intense scrutiny of the Chinese authorities over his internet empire. Ma addressed scores of teachers in an online conference on Wednesday, part of an annual event the billionaire hosts to recognize the achievements of rural educators. The top executive had kept out of public view since early November, when Chinese regulators torpedoed Ant's $35 billion IPO and subsequently opened an investigation.

Chinese billionaire and Alibaba&nbsp;founder Jack Ma is reportedly missing for almost two months after getting into conflict with the Chinese authorities, as some speculate.&nbsp;The business tycoon was set to appear as a judge in the final episode of his own talent show, &lsquo;Africa&rsquo;s Business Heroes&rsquo;, but mysteriously did not turn up.
Jack Ma's Ant Group has been under the scanner of the Chinese government ever since the billionaire businessman delivered a speech on October 24 slamming China&rsquo;s regulation system.&nbsp;An anti-monopoly investigation was also launched by China against Alibaba in December.
It should be noted that Ma&rsquo;s last tweet was on October 10, 2020.

Is Chinese billionaire Jack Ma missing?

Chinese billionaire and Alibaba&nbsp;founder Jack Ma is reportedly missing for almost two months after getting into conflict with the Chinese authorities

Chinese billionaire Jack Ma is missing?

Chinese billionaire and Alibaba&nbsp;founder Jack Ma is reportedly missing for almost two months after getting into conflict with the Chinese authorities, some reports have speculated.&nbsp;The business tycoon was set to appear as a judge in the final episode of his own talent show, &lsquo;Africa&rsquo;s Business Heroes&rsquo;, but mysteriously did not turn up.
Jack Ma's Ant Group has been under the scanner of the Chinese government ever since the billionaire businessman delivered a speech on October 24 slamming China&rsquo;s regulation system.&nbsp;An anti-monopoly investigation was also launched by China against Alibaba in December.
It should be noted that Ma&rsquo;s last tweet was on October 10, 2020.

ant group

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