Business

China financial regulators urges Ant Group to set 'rectification' plan swiftly

On Thursday, authorities said they had launched an antitrust investigation into parent Alibaba Group and would summon Ant

Photo: REUTERS/Aly Song/File Photo
  • Chinese regulators last month abruptly suspended Ant’s planned $37 billion IPO;
  • Ant said in a statement it would establish a “rectification” working party and fully implement regulatory requirements.

China’s financial regulators urged Ant Group on Sunday to outline a concrete plan as soon as possible to meet regulatory demands and fully understand the seriousness of the “rectification” work it needs to perform.

The central bank, banking, securities and foreign exchange regulators urged Ant to rectify illegal financial activities, including in its credit, insurance and wealth management businesses, and regulate its credit rating business to protect personal information, People’s Bank of China (PBOC) Vice Governor Pan Gongsheng said a day after meeting with representatives of the fintech group.

READ ALSO: Ant Group’s $37 billion listing suspended in Shanghai and Hong Kong

Ant said in a statement it would establish a “rectification” working party and fully implement regulatory requirements.

Chinese regulators last month abruptly suspended Ant’s planned $37 billion initial public offering, which had been on track to be the world’s largest, just two days before its shares were due to begin trading in Shanghai and Hong Kong.

READ ALSO: Ant Group’s IPO sees record $3 trillion in retail demand

On Thursday, authorities said they had launched an antitrust investigation into parent Alibaba Group and would summon Ant.

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