On July 7, 2023, Ant Group, founded by Alibaba co-founder Jack Ma, was fined USD 985 million by The People’s Bank of China for violating laws and regulations related to corporate governance, financial consumer protection, participation in the business activities of banking and insurance institutions, payment and settlement business, and compliance with anti-money laundering obligations.

In November 2020, Chinese authorities halted Ant’s initial public offering just days before it was scheduled to raise an estimated USD 34 billion in Hong Kong and Shanghai. One month later, Chinese regulators directed Ant to overhaul its business operations. The central bank issued orders for the company to enhance transparency, strengthen corporate governance, and establish a holding company.

The investigation into Ant Group was initiated after its founder and billionaire entrepreneur, Jack Ma, publicly criticized Chinese regulators in 2020 for impeding innovation and exercising excessive caution.

Regulators imposed fines on Ant and its subsidiaries and instructed the company to close down its crowdfunding platform for medical expenses, Xianghubao.