China pushes Ant Group overhaul in latest crackdown on Jack Ma - Reuters

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China pushes Ant Group overhaul in latest crackdown on Jack Ma - Reuters
A sign of Ant Group is seen during the World Internet Conference (WIC) in Wuzhen, Zhejiang province, China, November 23, 2020. REUTERS/Aly Song

BEIJING (Reuters) - China’s central bank disclosed on Sunday it had asked the country’s payments giant Ant Group Co Ltd to shake up its lending and other consumer finance operations, the latest blow to its billionaire founder and controlling shareholder Jack Ma.

The announcement came more than a month after Chinese regulators abruptly suspended Ant’s blockbuster $37 billion initial public offering in Shanghai and Hong Kong, and only days after the country’s antitrust authorities said they had launched a probe into Ma’s e-commerce conglomerate Alibaba Group Holding Ltd.

Chinese regulators and Communist Party officials have set about reining in Ma’s sprawling financial empire after he publicly criticized the country’s regulatory system in October for stifling innovation.

Read More at - Reuters.