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13-09-2021, 08:05 PM
Alibaba slides on report China plans to break up payment app
13 September 2021, 05:30 BST
Updated 3 hours ago
Shares in Chinese technology giant Alibaba have fallen sharply after a report that its financial affiliate Ant Group is again under scrutiny.
Regulators want to break up Alipay, which is China's biggest payments app with more than a billion users, according to the Financial Times.
A separate platform for the app's profitable lending operation would be created under the plan.
It would be the latest move by Beijing to tighten its grip on big businesses.
Ant could also be forced to hand over the user data that underpins its loans decisions to a new credit scoring firm, which would be partly state-owned, the report said.
Alibaba shares closed 4.2% lower in Hong Kong trade on Monday.
https://www.bbc.com/news/business-585409...EkQHYPIHzQ
13 September 2021, 05:30 BST
Updated 3 hours ago
Shares in Chinese technology giant Alibaba have fallen sharply after a report that its financial affiliate Ant Group is again under scrutiny.
Regulators want to break up Alipay, which is China's biggest payments app with more than a billion users, according to the Financial Times.
A separate platform for the app's profitable lending operation would be created under the plan.
It would be the latest move by Beijing to tighten its grip on big businesses.
Ant could also be forced to hand over the user data that underpins its loans decisions to a new credit scoring firm, which would be partly state-owned, the report said.
Alibaba shares closed 4.2% lower in Hong Kong trade on Monday.
https://www.bbc.com/news/business-585409...EkQHYPIHzQ
