Ant, Alibaba plan for less intertwined future after China crackdown

The Straits Times LogoThe Straits Times1w ago

Ant, Alibaba plan for less intertwined future after China crackdown

Quick Summary

June 22, 2022 7:14 AME-commerce giant Alibaba Group Holding created what would become payments and financial services provider Ant and spun it off in 2011.

The moves by Ant and Alibaba towards operational separation underscore the new reality in China's business landscape, as President Xi Jinping's government frowns upon concentration of power in the hands of private sector conglomerates.

However, the duo have begun to unwind some of their collaborative arrangements as they try to recover from a sweeping technology sector clampdown that has sliced hundreds of billions of dollars off their value, shrunk revenue and led to a record US$2.8 billion (S$3.88 billion) fine for Alibaba.

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Article Details

Category: Economy

Topics: Billion Sources Companies Alibaba Payment China Company Group Media Year Businesses

Source Website Secure: Yes (HTTPS)

News Sentiment: Negative

Fact Checked: Legitimate

Article Type: News Report

Published On: 2022-06-22, 07:14:34

News Timezone: GMT +8:00

News Source URL:

Language: English

Reading Time: 7 minutes read

Article Length: 1209 words

Coverage Area: Singapore

Availability: Desktop Web, Mobile Web

News ID: 3018

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About The Straits Times

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Headquarters: Singapore

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Publication Timezone: GMT +8:00

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