Alibaba Surges on Report China to Unshackle Ant With Fine

China likely to announce 8 billion yuan fine, Reuters reports
Lifting scrutiny bolsters hope of private enterprise revival

WATCH: Chinese authorities are likely to announce a fine of at least 8 billion yuan ($1.1 billion) on Ant Group as soon as Friday, Reuters reports. Charlotte Yang reports.Source: Bloomberg

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By Bloomberg News

July 7, 2023 at 5:10 AM UTC

Updated on

July 7, 2023 at 9:03 AM UTC

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Alibaba Group Holding Ltd. soared on a report that China is preparing to announce a fine of more than $1.1 billion on its fintech affiliate, signaling a wide-ranging probe that has weighed on Jack Ma’s empire for years may finally be drawing to a close.

China’s central bank is expected to disclose the fine against Ant Group Co. as soon as Friday, Reuters said, citing people with knowledge of the matter. That will allow Ant to seek a financial holding company license, revive growth and eventually resurrect plans for an initial public offering, it added.