Ant Group: Five things to know about latest China crackdown

Moves to control fintech sector put Alibaba group company on uncertain path

Ant Group had been poised in November to pull off the world's largest-ever initial public offering before authorities torpedoed it at the last minute. © Reuters

NARAYANAN SOMASUNDARAM, Nikkei Asia chief banking and financial correspondent

December 28, 2020 19:03 JST

HONG KONG -- A weekend announcement from China's central bank has raised questions about whether the authorities will go as far as seeking a breakup of Ant Group in a possible escalation of their crackdown on the Jack Ma-controlled online financial services conglomerate.

The People's Bank of China said Sunday that it had directed the company to rectify regulatory breaches in its operations and to overhaul its credit rating business to protect personal information. The news helped drive shares of Alibaba Group Holding, which owns a third of Ant, down 8% in Hong Kong trading on Monday.