Business & Finance

Reuters exclusively reports Chinese state firms to take big stake in Ant’s credit-scoring JV

Reuters exclusively reported that state-backed firms are set to take a sizeable stake in a key Ant Group asset for the first time, in a move that will loosen the Chinese fintech giant’s grip on a data treasure trove of over 1 billion users but help revive its IPO. The listing highlighted the outsized role of Ant and e-commerce affiliate Alibaba in China, triggering a regulatory clampdown on the business empire of billionaire founder Jack Ma. The result was a restructuring order for Ant, a record $2.75 billion fine for Alibaba for antitrust violation, and a near-three-month disappearance of Ma from public view.

Article Tags
Topics of Interest: Business & Finance
Type: Reuters Best
Sectors: Equities
Regions: Asia
Countries: China
Win Types: Exclusivity
Story Types: Exclusive / Scoop
Media Types: Text
Customer Impact: Important Regional Story
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