Notice came through 30 mins ago.
"Since November 2020, from the perspective of strengthening supervision in accordance with the law and effectively preventing risks, the financial management department has supervised and guided Ant Group, Tencent Group and other large platform companies to comprehensively rectify violations of laws and regulations in financial activities. At present, most of the outstanding problems in the financial business of platform enterprises have been rectified. The work focus of the financial management department has shifted from promoting the centralized rectification of the financial business of platform companies to normalized supervision."
- 7.123bn RMB fine on Ant Group
- Alipay confiscated 831m RMB illegal proceeds and fined 2.231bn RMB
- Violated Securities Investment Fund Law and Measures for Supervision and Administration of Public Securities Investment Fund Sales Agencies
- Violation of regulations related to fund products sold on behalf of proxy funds
- Violation of fund sales agencies - imposed 73.7m RMB penalty
- GM of fund sales Lin Sisi - fined 150k RMB
- Shut down of Xianghubao (相互宝) - this is Ant's lucrative mutual aid/crowdfunding business. The platform actually shut down on Jan 28, 2022. At its peak, Xianghubao had 100m active members.
- Recently imposed administrative penalties on Postal Savings Bank, Ping An Bank, PICC Property Insurance and Tencent Payment (TCHEY)
