China Hits Alibaba Affiliate Ant Group with $985 Million Fine

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China’s central bank, the People’s Bank of China (PBOC), has fined Ant Group, an affiliate of Alibaba, 7.12 billion yuan ($985 million), CNBC reports.

The fine marks the conclusion of the long scrutiny and restructuring process of Ant Group after its IPO was canceled by Chinese regulators in 2020.

Ant Group has since transformed into a financial holding company under the supervision of the PBOC.

Alibaba owns approximately 33% of Ant Group, and both companies were founded by Chinese billionaire Jack Ma.

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