Chinese regulators on Sunday ordered the financial-technology giant Ant Group to fix what they described as a litany of business failings, escalating a pressure campaign that has been building since the government abruptly halted the company’s plans for a record-breaking share listing last month. Alipay’s growth had put Ant on course to hold the world’s largest initial public offering. It also prompted the authorities to look at whether Ant was benefiting improperly from facing less oversight than traditional financial institutions. Officials from four financial watchdogs, including the central bank, met with Ant on Saturday, the agencies said. On Sunday, a deputy governor at the central bank, Pan Gongsheng, described what had been discussed in the form of a written question-and-answer session that made clear the regulators’ intense displeasure with the company.

Source: New York Times December 27, 2020 11:03 UTC