China set to fine Ant Group over $1b in another tech crackdown

China set to fine Ant Group over $1b in another tech crackdown

FILE PHOTO: A man walks past an Ant Group logo at the World Artificial Intelligence Conference (WAIC) in Shanghai, China July 8, 2021. REUTERS/Yilei Sun/File Photo

Chinese authorities are poised to impose a fine of more than $1 billion on Jack Ma’s Ant Group, said six sources with direct knowledge of the matter, setting the stage for ending the fintech company’s two-year long regulatory overhaul.