Nairametrics
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
  • Markets
    • Cryptos
    • Commodities
    • Equities
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Industries
    • Company News
    • Consumer Goods
    • Content Partners
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Tech News
  • Economy
    • Get Data
    • Macro-Economic News
    • Research Analysis
  • Business News
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
No Result
View All Result
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
  • Markets
    • Cryptos
    • Commodities
    • Equities
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Industries
    • Company News
    • Consumer Goods
    • Content Partners
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Tech News
  • Economy
    • Get Data
    • Macro-Economic News
    • Research Analysis
  • Business News
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
No Result
View All Result
Nairametrics
No Result
View All Result
Home Markets Market Views

Alibaba in hot water on China’s regulators probe over Ant Group

Olumide Adesina by Olumide Adesina
December 24, 2020
in Market Views, Tech News
Alibaba office
Share on FacebookShare on TwitterShare on Linkedin

The world’s second-largest economy, China, has recently launched an antitrust investigation into Asia’s leading e-commerce company, Alibaba, listed on the biggest stock market in the world.

In a report credited to Reuters, the e-Commerce juggernaut seems to be in hot water over its affiliate company, better known as Ant Group, as Chinese antitrust regulators plan to review if it was in anyway monopolistic.

READ: Paypal drops out of partnership with Facebook’s Libra 

RelatedPosts

Konga set to dominate e-commerce in Africa – Forbes

Ebeosi is opening Nigeria to e-commerce transactions and dropshipping beyond borders – Chibueze Izugbo, CEO

Such a move by the Chinese regulators is seen by some market commentators as a huge hit to Jack Ma’s e-commerce and fintech empire.

Nairametrics, some weeks ago revealed how Ant Group’s world record-setting IPO, scheduled to hold in Hong Kong and Shanghai got suspended.

News continues after this ad


READ: OmiseGO, fastest growing altcoin, up 49% in past 24 hours

  • At the time Ant’s group IPO got suspended, Alibaba, which has a majority stake of about 33% in Ant Group, saw its shares fall. It lost more than 5% in U.S. premarket trading.
  • Ant Group’s Controller, Jack Ma; Executive Chairman, Eric Jing; and CEO, Simon Hu, were scrutinized by regulators in China, according to a statement seen from the China Securities Regulatory Commission.

The probe is part of a sudden and quick crackdown on monopolistic behaviour suspected to be in China’s booming internet ecosystem, and the latest setback for Jack Ma, the 56-year-old former school teacher, who founded Alibaba and became China’s richest man in the modern era.

News continues after this ad


READ: Square buys $50 million worth of Bitcoins

What they are saying

In a strongly worded editorial, the ruling Communist Party’s People’s Daily revealed if “monopoly is tolerated, and companies are allowed to expand in a disorderly and barbarian manner, the industry won’t develop in a healthy, and sustainable way.”

Also, Chinese Financial regulators plan to meet with Alibaba’s Ant Group fintech affiliate in the coming days, according to a separate statement by the People’s Bank of China, released today.

READ: Citigroup reacts to Citron’s fraud allegations against Jumia, as shares price drops 50%

The meeting would “guide Ant Group to implement financial supervision, fair competition and protect the legitimate rights and interests of consumers,” the statement said.

Ant said it had received a notice from regulators and would “comply with all regulatory requirements.”

READ: Global companies are buying Bitcoins to hedge against inflation

What you should know

Ant Group, formerly known as Ant Financial and Alipay, is an affiliate company of the popularly known e-commerce company, Alibaba.

  • Ant Group remains the world’s most valuable Fintech company, and most valuable unicorn company, with a target valuation of over US$280 billion.
  • The group owns China’s largest digital payment platform, Alipay, which serves over one billion users and 80 million merchants, with total payment volume (TPV) transactions reaching RMB118 trillion in June 2020.

READ: Donald Trump bans American investments in companies linked to Chinese military

Related

Tags: AlipayAnt FinanciaAnt GroupEcommerceJack Ma

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

inq
avatrade
Stanbic bank
Mega Millions
UBN
Hot forex
Access Bank
Bankers Committee
First bank






    Business News | Stock Market | Money Market | Cryptos | Financial Literacy | SME |

    Recent News

    • Sujimoto launches her new luxury condominium with Oikos premium doors
    • Lagos announces partial closure of Third Mainland Bridge
    • Five jobs in Nigeria’s fashion industry that are not design-related

    Follow us on social media:

    Recent News

    Sujimoto launches her new luxury condominium with Oikos premium doors

    Sujimoto launches her new luxury condominium with Oikos premium doors

    August 13, 2022
    Third Mainland Bridge is intact and safe for commuters - FG

    Lagos announces partial closure of Third Mainland Bridge

    August 13, 2022
    • ABOUT US
    • CONTACT US
    • PRODUCTS
    • ANDROID APP
    • iOS APP
    • DISCLAIMER
    • CAREERS
    • PRIVACY POLICY

    © 2022 Nairametrics

    No Result
    View All Result
    • Home
    • Exclusives
      • Financial Analysis
      • Corporate Stories
      • Interviews
      • Investigations
      • Metrics
    • Markets
      • Cryptos
      • Commodities
      • Equities
        • Dividends
        • Stock Market
      • Fixed Income
      • Market Views
      • Securities
    • Industries
      • Company News
      • Consumer Goods
      • Content Partners
      • Corporate deals
      • Corporate Press Releases
      • Energy
      • Entertainment
      • Financial Services
      • Hospitality & Travel
      • Manufacturing
      • Real Estate and Construction
      • Tech News
    • Economy
      • Get Data
      • Macro-Economic News
      • Research Analysis
    • Business News
    • Financial Literacy
      • Career tips
      • Personal Finance
    • Lifestyle
      • Billionaire Watch
      • Profiles
    • Opinions
      • Blurb
      • Op-Eds

    © 2022 Nairametrics

    Social Media Auto Publish Powered By : XYZScripts.com