China fines Tencent and Ant, ending tech firm crackdown

The People’s Bank of China says most of the key problems in financial platform businesses such as Ant and Tencent have been rectified

07 July 2023 – 17:39 Lulu Yilun Chen and Li Liu

Chinese regulators imposed more than $1bn in fines on tech giants Ant Group and Tencent Holdings, signalling an end to a crackdown on the sector that had wiped out billions in market value and derailed the world’s biggest initial public offering (IPO).

The People’s Bank of China fined Ant 7.12-billion yuan ($984m), wrapping more than two years of probes into the finance technology giant founded by billionaire Jack Ma. Tencent was levied a 2.99-billion yuan (about $410m) fine, according to statements from the central bank Friday…

Source