(BEIJING) Business Regulations Report: Shares in Chinese technology giant Alibaba have fallen sharply after a report that its financial affiliate Ant Group is again under scrutiny this time over their payment app #AceNewsDesk report

#AceNewsReport – Sept.14: 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.

#AceNewsDesk says that Alibaba shares slides on report China plans for regulators who want to break up Alipay, which is China’s biggest payments app with a separate platform for the app’s profitable lending operation that would be created under the plan who is believed to have more than a billion users, according to the Financial Times.

A man walks past an Alipay sign outside Ant Group's building in Shanghai.
BBC Asia

It would be the latest move by Beijing to tighten its grip on big businesses.

Alibaba shares closed 4.2% lower in Hong Kong trade on Monday.

Ant Group did not immediately respond to a request for information from the BBC.

This would not be the first time that Ant Group has been targeted by the Chinese government.

The business empire of Jack Ma, the co-founder of both Ant Group and Alibaba, has been hit by a series of high-profile regulatory measures.

Chinese authorities started to show increasing interest in Ant Group in October last year after Mr Ma criticised regulators, suggesting that they were stifling innovation.

The following month, regulators scuppered the record $37bn (£27bn) share market launch of Ant Group.How a little Ant became a financial giant

In April, Alibaba was hit with a record $2.8bn fine over monopoly concerns.

At the same time, Chinese regulators called on Ant to conduct a sweeping business overhaul, including restructuring itself into a financial holding firm.

It was also told to fold its two micro-loan services, Jiebei and Huabei, into the new finance firm.

Ant will not be the only Chinese online lender to be affected by the new rules, the FT report said.

In recent months, Chinese regulators have been targeting other internet giants in a wide-ranging crackdown which has included competition and privacy issues, as well as user data and cryptocurrencies.

#AceNewsDesk report …….Published: Sept.14: 2021:

Editor says …Sterling Publishing & Media Service Agency is not responsible for the content of external site or from any reports, posts or links, and can also be found here on Telegram: https://t.me/acenewsdaily all of our posts fromTwitter can be found here: https://acetwitternews.wordpress.com/ and all wordpress and live posts and links here: https://acenewsroom.wordpress.com/and thanks for following as always appreciate every like, reblog or retweet and free help and guidance tips on your PC software or need help & guidance from our experts AcePCHelp.WordPress.Com

#alibaba, #alipay, #ant-group, #beijing, #china

(SHANGHAI) Weibo Report: Chinese authorities have arrested a top public relations executive at Chinese social media giant Weibo Corp (WB.O), local Chinese media reported widely on Tuesday and confirmed to Reuters by a company source #AceNewsDesk report

#AceNewsReport – Aug.11: In accordance with company policy and the law, we have decided to fire Mao as punishment, and will not re-hire him,” the memo said….

#AceDailyNews says a top public relations director at Chinese social media giant Weibo arrested and according to an internal memo sent to staff and seen by Reuters, Mao Taotao, director of public relations at Weibo – which is partly owned by e-commerce giant Alibaba Group Holding Ltd. – is suspected of bribery and had “seriously harmed the interests of the company.”

: Aug.10, 20211:26 PM BST:

The firing comes as Alibaba (9988.HK) faces backlash over delaying action relating to an employee’s allegations of sexual assault against her manager and a client. On Monday, Alibaba announced the manager had been fired.

Mao joined Weibo in 2010 and quickly rose through the ranks of the marketing and PR department, the memo states.

Weibo did not respond to a request for comment from Reuters. Mao could not be immediately reached.

Weibo has come under fire lately in the wake of a scandal involving Chinese-Canadian pop singer Kris Wu, who Chinese authorities arrested on allegations of soliciting sex with underage girls. Wu has denied the allegations.

Not long after Wu’s arrest, state media outlet People’s Daily published an op-ed admonishing social networks for over-hyping celebrities to generate traffic.

Weibo later suspended a widely used feature that ranks celebrities by popularity. read more 

Alibaba did not immediately respond to a request for comment about Mao’s firing at Weibo.

Reporting by Josh Horwitz in Shanghai and Cheng Leng in Beijing; Editing by Bernadette Baum

#AceNewsDesk report ………Published: Aug.11: 2021:

Editor says …Sterling Publishing & Media Service Agency is not responsible for the content of external site or from any reports, posts or links, and can also be found here on Telegram: https://t.me/acenewsdaily all of our posts fromTwitter can be found here: https://acetwitternews.wordpress.com/ and all wordpress and live posts and links here: https://acenewsroom.wordpress.com/and thanks for following as always appreciate every like, reblog or retweet and free help and guidance tips on your PC software or need help & guidance from our experts AcePCHelp.WordPress.Com

#alibaba, #chinese, #shanghai, #weibo