Key events within the abet of China's investigation into Alibaba Community

(Reuters) - China has launched an investigation into Alibaba Community for suspected monopolistic behaviour and can summon its Ant Community to meet in coming days, regulators said, in essentially the most recent blow for Jack Ma’s e-commerce and fintech empire.

FILE PHOTO: Founder and Chairman of Chinese net giant Alibaba Jack Ma affords a speech at Paris' excessive profile startups and excessive tech leaders gathering, Viva Tech, in Paris, France Can also 16, 2019. REUTERS/Charles Platiau/File Photo

Here’s a timeline of key events main up to the investigation.

SEPT 14 - CHINA ROLLS OUT NEW RULES FOR FINANCIAL HOLDING FIRMS

China considerations sleek principles to manage monetary holding companies, with the central monetary institution announcing there had been a loophole in rules for such companies.

Ant used to be amongst companies named by Pan Gongsheng, the Of us’s Financial institution of China vice governor.

OCT 21 - ANT WINS GREEN SIGNAL FROM REGULATOR

Ant wins the last nod from China’s high securities watchdog to register its Shanghai IPO, clearing the final regulatory hurdle for its negate.

OCT 24 - “OLD MAN’S CLUB

At a public match attended by Chinese regulators, Ma, China’s richest man, said the monetary and regulatory system stifled innovation and desires to be reformed to gasoline growth. He also in contrast the Basel Committee of international banking regulators to “an dilapidated man’s club”.

OCT 26 - ANT WINS BACKING OF GLOBAL STRATEGIC INVESTORS

Ant costs its IPO and secures the backing of strategic merchants including a unit of Singapore convey investor Temasek Holdings, as nicely as Singaporean and Abu Dhabi sovereign wealth funds, fascinating Chinese insurers and mutual funds.

OCT 30 - MOM-AND-POP INVESTORS BID $3 TRILLION FOR ANT’S SHARES

Retail merchants expose for a file $3 trillion price of shares in Ant’s dual listing, the same of Britain’s contaminated domestic product, as they bet on search data from for Ant’s monetary technology services in China.

OCT 31 - BEIJING FLAGS CONCERNS OVER FINTECH

China’s Financial Stability and Trend Committee, a cupboard-stage physique headed by Vice Premier Liu He, flags dangers connected to the like a flash construction of fintech, at a assembly that used to be broadly interpreted as a executive response to the upward thrust of avid gamers equivalent to Ant.

NOV 2 - REGULATORS ANNOUNCE TALKS WITH ANT

Four of China’s high monetary regulators converse they conducted regulatory talks with Ant’s high two executives and Ma.

Chinese regulators point out tighter rules for on-line micro-lending companies to abet pick up skill monetary dangers and rein in rising debt levels.

NOV 3 - SHANGHAI IPO SUSPENDED; ANT FREEZES HK IPO

The Shanghai stock alternate suspends Ant’s IPO on its tech-targeted STAR Market, citing the regulatory talks as a “materials match” and a more durable regulatory atmosphere as elements that will disqualify Ant from listing.

The switch precipitated Ant to also freeze the Hong Kong leg of its dual listing.

NOV 10 - CHINA PUBLISHES DRAFT ANTI-MONOPOLY RULES FOR INTERNET PLATFORMS

China published draft principles aimed at stopping monopolistic behaviour by net platforms, a switch that will lengthen scrutiny on e-commerce marketplaces and rate services belonging to the likes of Alibaba Community.

NOV 23 - ALIBABA CEO SAYS CHINA’S SCRUTINY OF INTERNET PLATFORMS IS NEEDED

China’s growing oversight of net platforms is both “timely and main”, Alibaba Community CEO Daniel Zhang suggested the World Web Conference.

DEC 14 - CHINA FINES DEALS INVOLVING ALIBABA, TENCENT

China warned its Web giants it wouldn't tolerate monopolistic practices and to brace for elevated scrutiny, because it slapped fines and announced probes into deals appealing Alibaba Community and Tencent Holdings.

Reporting by Anshuman Daga; Editing by Raju Gopalakrishnan

for-phone-easiestfor-tablet-portrait-upfor-tablet-landscape-upfor-desktop-upfor-huge-desktop-up

Read More

Website Designed & SEO done by KV TechMedia - Web Design Company Uttar Pradesh, India
linkedin facebook pinterest youtube rss twitter instagram facebook-blank rss-blank linkedin-blank pinterest youtube twitter instagram