China Asks Ant to Return to Origin of Payments Service
People walk past the Ant Group Co. mascot displayed at the company's headquarters in Hangzhou, China, on Monday, Sept. 28, 2020. Jack Ma's Ant Group is seeking to raise $17.5 billion in its Hong Kong share sale and won't seek to lock in cornerstone investors, confident there will be plenty of demand for one of the largest equity deals in the financial hub, according to people familiar with the matter. Photographer: Qilai Shen/Bloomberg
, Bloomberg
Bloomberg News, Bloomberg News
(Bloomberg) -- Chinese regulators summoned executives from Ant Group Co. and asked them to return the company to its origin of being a payments services provider.
Ant used its market dominance to exclude rivals and skirted compliance regulations, the People’s Bank of China said in a statement on Sunday. Ant’s executives were summoned on Saturday.
©2020 Bloomberg L.P.