China's financial watchdogs to lecture Ant Group on regulation

Move comes as market regulator launches antitrust probe into parent Alibaba

Logos of Ant Group and Alibaba are pictured at the headquarters of Ant Group, an Alibaba affiliate, in Hangzhou, China in October. © Reuters

TANG ZIYI, Caixin

December 24, 2020 16:43 JST

China's top financial regulators plan to hold talks with fintech giant Ant Group Co. Ltd. on financial regulation, fair competition and protection of consumer interests, the central bank said Thursday.

The move comes less than two months after regulators suspended Ant Group's potentially record-breaking IPO in early November amid concerns over the company's highly leveraged online lending business and its potential threats to the stability of the financial system.