Big action by Chinese government on billionaire businessman Jack Ma's company, fined about one billion dollars
Jack Ma's company Ant has been fined about one billion dollars by Chinese regulators in a major action. After this, it has been said on behalf of Ant Group that they are continuously improving the business and in the future also the rules will be strictly followed. Earlier, Jack Ma's other companies have also been fined billions of dollars.
On behalf of the Chinese government, a fine of $ 985 million has been imposed on the financial technology company Ant Group. This penalty has been imposed on Ant and its subsidiary companies. In addition, the company has been ordered to shut down its crowdfunding platform, Xianghubao.
After this action, it was said on behalf of Ant Group that from 2020 they are continuously improving their business and will follow all the rules with full seriousness and honesty.
It has been said by the Chinese authorities that now they are preparing to give relaxation in control over tech companies. Ant Group's action was initiated by the Chinese government in 2020, in which an anti-trust penalty of $ 2.8 billion has been imposed on its subsidiary Alibaba. Didi, a ride handling app. He has also been fined $1.2 billion.
Ant is the world's largest financial tech company. It was established in 2014. Ant's IPO was put on hold in November 2020 by the Chinese regulator. It was the world's largest IPO, raising about $34 billion from investors from the Hong Kong and Shanghai markets.
Ant Group founder Jack Ma criticized Chinese regulators in 2020. Since then, action is being taken against his companies by the Chinese government. After this statement, Jack Ma had disappeared for a long time, and even before this many businessmen had disappeared due to criticism of the Chinese government.
