China ends Ant Group’s regulatory revamp with nearly $1 billion fine

Chinese authorities announced on Friday a 7.12 billion yuan ($984 million) fine for Ant Group, ending a years-long regulatory overhaul of the fintech company and marking a key step to concluding a crackdown on the country’s internet sector. Ant’s penalty comes at a time when Chinese authorities are keen to boost private sector confidence as the $17 trillion economy struggles to recover despite the lifting of zero-COVID-19 curbs earlier this year.