hackingbear writes: People’s Bank of China, the country’s central bank, said on Wednesday that any non-bank payment company with half of the market in online transactions or two entities with a combined two-thirds share could be subject to antitrust probes, potentially dealing another blow to financial technology giant Ant Group Co. and its biggest rival Tencent Holdings Ltd. Ant’s Alipay accounts…
Tag: Jack Ma
Jack Ma’s Disappearing Act Fuels Speculation About Billionaire’s Whereabouts
Alibaba founder Jack Ma’s absence from public view in the past two months, including missing the final episode of a TV show on which he was to appear as a judge, has fueled social media speculation over his whereabouts amid a Chinese regulatory clampdown on his sprawling business empire. From a report: China’s highest-profile entrepreneur has not appeared in a public…
China’s President Xi Jinping Personally Pulled Plug on Jack Ma’s Ant IPO
Chinese President Xi Jinping personally made the decision to halt the initial public offering of Ant Group, which would have been the world’s biggest, after controlling shareholder Jack Ma infuriated government leaders, WSJ reported Thursday, citing Chinese officials with knowledge of the matter. From the report: The rebuke was the culmination of years of tense relations between China’s most celebrated entrepreneur…
China Halts Ant Group’s Blockbuster IPO
In a late-evening announcement that stunned China, the Shanghai Stock Exchange slammed the brakes on Ant’s initial public offering, which was set to be the biggest stock debut in history with investors on multiple continents and at least $34 billion in proceeds. The New York Times reports: The stock exchange’s notice to Ant said that the company’s proposed offering might no…
US Explores Curbs On Ant Group, Tencent Payment Systems
An anonymous reader quotes a report from Bloomberg: The Trump administration is exploring restrictions on billionaire Jack Ma’s Ant Group as well as Tencent Holdings Ltd. over concerns that their digital payment platforms threaten U.S. national security, according to people familiar with the matter, a move that risks infuriating China and disrupting what could be the world’s largest initial public offering….
People Fleeing Coronavirus Head To a New Safe Haven: China
When the coronavirus pandemic started worsening in the U.K. last week, Jennie Lan knew where she would feel safest: China. From a report: The graduate student at University College London was worried Brits weren’t taking precautions, such as wearing face masks. “People here didn’t attach a great significance to the coronavirus,” Ms. Lan said. On Tuesday, she will fly to China…