China Ends Tech Crackdown With Fines on Tencent, Ant Group

Chinese regulators imposed more than $1 billion in fines on tech giants Ant Group and Tencent Holdings, signalling an end to a crackdown on the sector that had wiped out billions in market value and derailed the world's biggest initial public offering. From a report: The People's Bank of China fined Ant 7.12 billion yuan ($984 million), wrapping more than two years of probes into the finance technology giant founded by billionaire Jack Ma. Tencent was levied a 2.99 billion yuan fine, according to statements from the central bank Friday. Shares in Ant affiliate Alibaba Group Holding soared more than 6% in New York trading. Investors are betting the fines draw a line under the multi-year crackdown that torpedoed Ant's planned IPO in 2020 and ensnared some of the nation's most powerful private firms in sectors from online education to gaming. It paves the way for Ant to revive growth and eventually resurrect plans for an IPO.

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