China slapped over $1 billion in regulatory fines against financial companies, including Jack Ma's tech giant, Ant Group. However, investors bet China’s tech crackdown is over; Alibaba and Tencent shares rise.
With Ant Group distancing itself from Ma and Alibaba, it should face fewer regulatory hurdles, however, China and Hong Kong’s listing requirements might delay the the much-awaited IPO till at least 2024.
As Alipay becomes one of the top e-payment channels in the Chinese mainland and seeks overseas expansion, Ma is stepping further away from the business empire he created decades ago.
Softness in Chinese commerce business offset by growth in cloud computing unit.
Losses increased because of decline in value of investments in publicly-traded companies; backing for newer businesses such as Taocaicai and Taobao Deals; and the continued impact of Covid.
Chinese technology giant reports heaviest profit decline in five years and slowest revenue growth since it listed in 2014.
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