China Ends Tech Crackdown With Fines on Tencent, Ant Group
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China Ends Tech Crackdown With Fines on Tencent, Ant Group
(Bloomberg) -- China imposed more than $1 billion in fines on tech giants Ant Group Co. and Tencent Holdings Ltd., 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.
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The People’s Bank of China said financial regulators fined Ant 7.12 billion yuan ($984 million), wrapping up more than two years of probes into the finance technology firm founded by billionaire Jack Ma. Tencent was levied a 2.99 billion yuan fine, according to statements from the central bank Friday.
Tencent and Ant affiliate Alibaba Group Holding Ltd. soared in New York trading. Investors are betting the fines draw a line under the multi-year crackdown that torpedoed Ant’s planned IPO in 2020 and ensnared some of the nation’s most powerful private firms in sectors from online education to gaming. It paves the way for Ant to revive growth and eventually resurrect plans for an IPO.
“The market likes it because scrutiny looks likely to be over and the fine, though big in absolute terms, is very manageable for such a big company,” said Vey-Sern Ling, managing director at Union Bancaire Privee, referring to Ant. The levy is less than the 9.6 billion yuan profit that Ant generated in the December quarter.
Alibaba jumped 8% to $90.55, the biggest gain in more than three months, lifting other New York-listed China stocks. Tencent rose 4%, while TAL Education Group added 7%.
The People’s Bank of China said fines were imposed on Ant Group and its subsidiaries in response to violations of laws and regulations in areas including financial consumer protection, payment and settlement business and anti-money laundering obligations. Ant said it has completed the rectification required by China’s financial regulators, according to a company statement.
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