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China’s New Probe of Jack Ma’s Ant Group Flags the Return of More Regulatory Crackdowns

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China’s New Probe of Jack Ma’s Ant Group Flags the Return of More Regulatory Crackdowns
A logo of Alibaba Group at the World Internet Conference in Wuzhen, Zhejiang Province, China on Nov. 23, 2020. Aly Song/Reuters
By Rita Li
2/24/2022Updated: 2/24/2022
0:00

A reported comeback of Beijing-led regulatory crackdowns on Jack Ma’s Ant Group has sounded alarm bells for China’s fintech sector.

Ant, the payment affiliate of Alibaba Group, is facing more state intrusion with Beijing asking banks and state-owned enterprises to conduct a fresh round of checks of their financial exposure and other links with the group up to January, Bloomberg first reported on Monday, citing sources close to the matter.
Rita Li
Rita Li
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Rita Li is a reporter with The Epoch Times, focusing on U.S. and China-related topics. She began writing for the Chinese-language edition in 2018.
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