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Ant Group Announces Overhaul as China Tightens Its Grip – The New York Times

Beijing has accused the internet-finance titan of flouting regulations in its quest for growth.

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Ant Group, the online finance affiliate of the Chinese e-commerce giant Alibaba, announced a sweeping overhaul of its business on Monday in response to demands from Chinas government, which is moving swiftly to curb the power of the countrys internet giants.
Beijings campaign has taken the corporate empire of Jack Ma, Alibabas billionaire co-founder and Ants controlling shareholder, as an early major target. On Saturday, Chinas antitrust authority fined Alibaba $2.8 billion for abusing its dominance…

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