China pushes Ant Group to rectify businesses. Here's what fintech asked to do
Ant Group said the rectification is an opportunity for Ant Group to strengthen the foundation. Alibaba, meanwhile, raised a proposed stock repurchase program to $10 billion, offering more support for its battered shares. The board has authorized the increased program, effective for two years.
Chinese regulators have asked Jack Ma’s online financial titan Ant Group to rectify its business module by complying with the country's regulatory requirement. It also asked the company to continue as a provider of payments services, the way it had started out, threatening to throttle growth in its consumer loans and wealth management businesses.