implant


  Aktif KonularAktif Konular  Forum Üyelerini GösterÜye Listesi  Forumu AraArama  YardımYardım
  Kayıt OlKayıt Ol  GirişGiriş
ASP
 ASPTurkiye.com Forum : ASP
Konu Konu: is the biggest challenge for Chinese fint Yanıt YazYeni Konu Gönder
Yazanlarda
Mesaj << Önceki Konu | Sonraki Konu >>
xysoom
Kıdemli Üye
Kıdemli Üye


Kayıt Tarihi: 13-Kasım-2019
Gönderilenler: 495
Gönderen: 11-Ocak-2021 Saat 10:16 | Kayıtlı IP Alıntı xysoom

is the biggest challenge for Chinese fintech giants like
Ant


Ant Group’s blockbuster IPO was poised to be a major
milestone for a homegrown champion. But officials in
Beijing had other ideas.To get more
ant group ipo
news
, you can visit shine news official website.

The Shanghai Stock Exchange announced late on Tuesday
(Nov. 3) that its listing of Ant, which was scheduled for
Thursday, had been suspended. The surprising reversal
comes after Jack Ma, Ant’s billionaire controlling
shareholder, and two other top executives were summoned
by regulators yesterday for a supervisory meeting.

The exchange said it was putting the listing on hold
after Ant said there had been “material changes” in the
regulatory stance on financial services, which could
result in Ant failing to meet the conditions for listing
and providing information disclosures. Ant later issued a
statement on the Hong Kong Stock Exchange, the other leg
of its dual listing, indicating that it would suspend its
Hong Kong offering as well.
It’s unusual for a Chinese IPO to be suspended so close
to the trading debut, wrote Kevin Kwek, an analyst at
Bernstein, in a note to clients. Many investors are
asking for more information about the meeting between Ant
and its regulators. The suspension “could be to allow
time to properly prepare communications on how Ant’s
operations could be affected, for proper disclosure to
investors,” Kwek wrote. “But we don’t know, [and it]
could well be a longer delay if bigger changes were
expected of Ant.”

The episode demonstrates the uncertainty of doing
business in China, even for the country’s most high-
profile champions. China’s one-party state and the
resulting concentration of power means companies have few
tools to protect themselves or negotiate with the
authorities when a decision doesn’t go their way. By
comparison, despite the Trump administration’s many
restrictions on Chinese tech firms like TikTok, Chinese
companies can still use American courts to try to
overturn the administration’s orders.

The upheaval also signals Beijing’s wariness of large
technology firms encroaching on the financial sector.
Ant’s Alipay and rival WeChat Pay, operated by tech
giant Tencent, are intertwined with citizens’ everyday
lives, allowing them to pay for things by scanning QR
codes, and making China an increasingly cashless society.
The apps also make it easy to stash extra savings in
money market funds. But authorities have since tightened
the regulatory screws on those products. The People’s
Bank of China (PBOC) is testing a digital version of its
paper currency in cities like Shenzhen, which could be
seen as a way to counter Alipay and WeChat Pay’s
dominance in mobile payments.

It seems that Ant, which runs a massive payment service
that helps drive its lending, investing, and insurance
platforms, hasn’t escaped being a financial company,
even after it rebranded from Ant Financial to Ant Group
earlier this year.

Ma, Ant’s executive chairman Eric Jing, and chief
executive Simon Hu were summoned yesterday by four
Chinese regulators, including the central bank and its
securities, banking, and foreign-exchange watchdogs for a
meeting. While few details were revealed about the event,
the meeting coincided with a proposal by two of the
regulators at the meeting, the China Banking and
Insurance Regulatory Commission and the PBOC, on
tightening scrutiny of the micro-lending sector, which is
a key business for Ant. The company runs Huabei, a
platform that extends small loans funded by domestic
banks and asset-backed securities markets to consumers.

In another sign of Beijing’s determination to regulate
fintech companies, Guo Wuping, the head of consumer
protection at China’s banking regulator, also called out
companies like Ant in a highly critical article published
on the same day as the summons. Guo said micro-loan
products offered by fintech companies are not
fundamentally different to credit cards issued by banks,
but a lack of clear regulations has fostered unfair
competition between those companies and established
financial institutions. “Huabei generates higher
installment fees than banks, and this goes against the
company’s claim to promote financial inclusion,” Guo
wrote.
Yukarı Dön Göster xysoom's Özellikler Diğer Mesajlarını Ara: xysoom
 

Eğer Bu Konuya Cevap Yazmak İstiyorsanız İlk Önce Giriş
Eğer Kayıtlı Bir Kullanıcı Değilseniz İlk Önce Kayıt Olmalısınız

  Yanıt YazYeni Konu Gönder
Yazıcı Sürümü Yazıcı Sürümü

Forum Atla
Kapalı Foruma Yeni Konu Gönderme
Kapalı Forumdaki Konulara Cevap Yazma
Kapalı Forumda Cevapları Silme
Kapalı Forumdaki Cevapları Düzenleme
Kapalı Forumda Anket Açma
Açık Forumda Anketlerde Oy Kullanma

Powered by Web Wiz Forums version 7.91
Copyright ©2001-2004 Web Wiz Guide

Bu Sayfa 0,0938 Saniyede Yüklendi.