The fines mean the regulatory “overhang” over the Chinese internet sector has finally been removed, Jefferies analysts said Saturday. On Friday, Chinese financial regulators fined Ant and its subsidiaries a total of 7.1 billion yuan ($984 million) for breaking rules related to consumer protection and corporate governance. The measures included fines over alleged anti-competitive behavior and bans from app stores citing fears over data security.Īlmost three years on, the campaign appears to be coming to an end. Ma’s blistering criticism set off the most sweeping and severe regulatory crackdown in the history of corporate China, which affected the fortunes of other tech giants including Tencent The combined loss of market capitalization for Ant and Alibaba totals some $877 billion, according to a CNN calculation based on peak share prices recorded in late October 2020, around the time the entrepreneur blasted Chinese financial regulators and banks in a landmark speech.

The company was co-founded by Jack Ma, as was e-commerce giant Alibaba Group Show holidays on a calendar | Print holidays to PDF Unable to find that countryPlease check your spelling and try again or select one of the available countries.Ant Group has announced a share buyback that values it at $78.5 billion, which is about $230 billion or 75% less than the valuation it fetched nearly three years ago, before its IPO was yanked by Chinese regulators. If you find an error, please let us know. While we diligently research and update our holiday dates, some of the information in the table above may be preliminary. No holidays shown? Please select at least one of the boxes above to show your chosen holiday types. Upcoming Holidays (August 2023 to April 2024) Dateĭay of Defenders and Defenders of Ukraine (Suspended)ĭay of Liberation of Ukraine from Fascist Invaders Business Date to Date (exclude holidays).

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