×
57 955
Fashion Jobs
ASCENA
Sales Leader Manager
Permanent · Orlando
GAP INC.
Asset Protection Coordinator - Miami
Permanent · Miami
MACY'S
Manager, Business Administration
Permanent · Boca Raton
MACY'S
Asset Protection Security Guard, Manhasset - Part Time
Permanent · Manhasset
MACY'S
Principal, Business Strategy- Private Brands
Permanent · New York
TJ MAXX
Loss Prevention Detective
Permanent · Holland
MARSHALLS
Loss Prevention Detective Marshalls Gahanna
Permanent · Gahanna
HOMEGOODS
Full Time Loss Prevention Detective Sacramento Area
Permanent · Roseville
SIERRA
Sales Floor Supervisor - ft
Permanent · Broomfield
TJ MAXX
Loss Prevention Customer Service Associate Tacoma
Permanent · Tacoma
TJ MAXX
Prattville lp Detective
Permanent · Prattville
TJ MAXX
Loss Prevention Detective Federal Way Full Time
Permanent · Federal Way
TJ MAXX
Loss Prevention Customer Service Associate Federal Way
Permanent · Federal Way
HOMEGOODS
D/C Loss Prevention Specialist - Weekend Shift
Permanent · Lordstown
TJ MAXX
70188-Lead lp Detective
Permanent · Rancho Cucamonga
MARSHALLS
30046-D/C Loss Prevention Specialist
Permanent · El Paso
MARSHALLS
Loss Prevention Detective
Permanent · Knoxville
ULTA BEAUTY, INC.
Retail Operations Manager
Permanent · Warrensville Heights
ULTA BEAUTY, INC.
Retail Sales Manager
Permanent · Warrensville Heights
MACY'S
Manager, Asset Protection - Multi Store
Permanent · Milford
MACY'S
Manager, Omni Operations
Permanent · Bay Shore
MACY'S
Security Engineer
Permanent · Johns Creek
By
Reuters API
Published
Apr 12, 2021
Reading time
2 minutes
Share
Download
Download the article
Print
Click here to print
Text size
aA+ aA-

China's Ant to become financial holding firm under enforced revamp

By
Reuters API
Published
Apr 12, 2021

China's Ant Group, the fintech giant whose $37 billion IPO was derailed by risk-wary regulators days before it was due to list in November, will restructure as a financial holding company, the country's central bank said on Monday.




The overhaul comes two days after e-commerce giant Alibaba Group Holding Ltd, of which Ant is an affiliate, was hit with a $2.75 billion antitrust penalty as China tightens controls on the "platform economy".

Under terms of the settlement, Ant will restructure as a financial holding company, a move that, along with other restrictions announced on Monday, is expected to curb its profitability and valuation.

"Ant Group attaches great importance to the seriousness of the rectification," the company said in a statement, adding it planned to set up a personal credit reporting business and to fold its two flagship lending businesses into its consumer finance company.

The People's Bank of China said that under a "comprehensive and feasible restructuring plan," Ant would cut the "improper" linkage between payments service AliPay, virtual credit card business Jiebei and consumer loan unit Huabei.

The central bank also asked Ant to break its "monopoly on information and strictly comply with the requirements of credit information business regulation."

The company, part of the sprawling business empire founded by billionaire Jack Ma, agreed to improve corporate governance and "rectify illegal financial activities in credit, insurance and wealth management", the central bank said.

The central bank said it had also asked Ant to control its leverage and product risks, and control the liquidity risk of its flagship fund products and to "actively lower" the size of its massive Yu'eBao money market fund.

The measures "set an example" for financial regulation of the platform economy", the state-backed Economic Daily newspaper said in a Monday commentary.
 

© Thomson Reuters 2022 All rights reserved.