Ant Group Subjected to CCP’s Financial Regulation

Ant Group, a subsidiary of China’s e-commerce giant Alibaba, has recently been repeatedly summoned to a meeting with the four major financial regulators of the Chinese Communist Party (CCP). The central bank of the CCP has also come forward to accuse Ant Group of arbitrage violations and asked the group to rectify them. The central bank said that Ant Group is now setting up a financial holding company and is subject to official financial supervision.