The People's Bank of China , which has been driving the revamp at Ant after its $37 billion IPO was scuttled in late 2020, announced the penalty in a statement published on its website.
For the broader technology sector, the fine marks a key step towards the conclusion of China's bruising crackdown on private enterprises, that began with the scrapping of Ant's IPO and which has subsequently wiped billions off the market value of several companies.Ant did not immediately respond to requests for comment., rose 3.3% in premarket trading after the PBOC's announcement.
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