China’s central bank, banking, securities, and foreign exchange regulators have urged Ant Group to rectify illegal financial activities, including its credit, insurance, and wealth management businesses, and regulate its credit rating business to protect personal information.
People’s Bank of China (PBOC) Vice Governor Pan Gongsheng made the statement after meeting with representatives of the group according to Reuters.
Ant Group in a statement says it would establish a “rectification” and fully implement regulatory requirements. Chinese regulators had in November 2020 suspended Ant Group’s planned $37 billion initial public offering. The IPO had been on track to be the largest in the world. The regulator put a halt to the IPO just two days before its shares were due to start trading in Shanghai and Hong Kong.
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PBOC and other regulators also want Ant Group to be more transparent about its third-party payment transactions. It wants the group to end antitrust practices, and that its setup of financial holding companies comply with the law to ensure the capital adequacy, according to Pan.
Pan also said Ant must step up its risk management and maintain the continuity of its services and normal operations of its business.
China’s annual Central Economic Work Conference had vowed to strengthen antimonopoly efforts and rein in “disorderly capital expansion”. The Conference held this month is a gathering of top leaders and policymakers to chart the economy’s course in 2021.
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