BEIJING: China has imposed a sweeping restructuring on Jack Ma's Ant Group, the fintech group whose record US$37 billion IPO wasin November, underscoring Beijing's determination to rein in its Internet giants.
However, the measures do not call for the break-up of Ant, whose business spans payments, wealth management and consumer lending. Its Alipay app has more than 730 million monthly users in China and handles more transactions a year than Mastercard and Visa."Ant Group attaches great importance to the seriousness of the rectification," the company said in a statement.
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