Chinese regulators ask banks, SOEs to review links with Ant Group

Asian Tech Press (Feb 21) -- Chinese regulators have reportedly asked major state-owned enterprises and banks to review their financial exposure and other links to Ant Group, Alibaba's financial affiliate.

Bloomberg, citing sources familiar with the matter, reported Monday that several Chinese authorities, including the banking regulator China Banking and Insurance Regulatory Commission (CBIRC), recently asked financial institutions under their supervision to review all their exposures to Ant Group, its subsidiaries and even its shareholders up to January.

The people said this is the most thorough and extensive scrutiny of deals with Ant, and said the institutions involved have been told they must report their findings as soon as possible.

It's not clear what triggered the new review or whether regulators will act on it or reach a conclusion, the people familiar with the matter said.

The National Audit Office led the action, two of the people familiar with the matter said.

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