(Reuters) - China has launched an investigation into Alibaba Group for suspected monopolistic behaviour and will summon its Ant Group to meet in coming days, regulators said, in the latest blow for Jack Ma's e-commerce and fintech empire.
Here's a timeline of key events leading up to the investigation.
SEPT 14 - CHINA ROLLS OUT NEW RULES FOR FINANCIAL HOLDING FIRMS
China issues new rules to regulate financial holding companies, with the central bank saying there had been a loophole in regulations for such companies.
Ant was among companies named by Pan Gongsheng, the People's Bank of China vice governor.
OCT 21 - ANT WINS GREEN SIGNAL FROM REGULATOR
Ant wins the final nod from China's top securities watchdog to register its Shanghai IPO, clearing the last regulatory hurdle for its issue.
OCT 24 - "OLD MAN'S CLUB
At a public event attended by Chinese regulators, Ma, China's richest man, said the financial and regulatory system stifled innovation and must be reformed to fuel growth. He also compared the Basel Committee of global banking regulators to "an old man's club".
OCT 26 - ANT WINS BACKING OF GLOBAL STRATEGIC INVESTORS
Ant prices its IPO and secures the backing of strategic investors including a unit of Singapore state investor Temasek Holdings, as well as Singaporean and Abu Dhabi sovereign wealth funds, large Chinese insurers and mutual funds.
OCT 30 - MOM-AND-POP INVESTORS BID $3 TRILLION FOR ANT'S SHARES
Retail investors bid for a record $3 trillion worth of shares in Ant's dual listing, the equivalent of Britain's gross domestic product, as they bet on demand for Ant's financial technology services in China.
OCT 31 - BEIJING FLAGS CONCERNS OVER FINTECH
China's Financial Stability and Development Committee, a cabinet-level body headed by Vice Premier Liu He, flags risks associated with the rapid development of fintech, at a meeting that was widely interpreted as a government response to the rise of players such as Ant.
NOV 2 - REGULATORS ANNOUNCE TALKS WITH ANT
Four of China's top financial regulators say they conducted regulatory talks with Ant's top two executives and Ma.
Chinese regulators recommend tighter regulations for online micro-lending companies to help contain potential financial risks and rein in rising debt levels.
NOV 3 - SHANGHAI IPO SUSPENDED; ANT FREEZES HK IPO
The Shanghai stock exchange suspends Ant's IPO on its tech-focused STAR Market, citing the regulatory talks as a "material event" and a tougher regulatory environment as factors that may disqualify Ant from listing.
The move prompted Ant to also freeze the Hong Kong leg of its dual listing.
NOV 10 - CHINA PUBLISHES DRAFT ANTI-MONOPOLY RULES FOR INTERNET PLATFORMS
China published draft rules aimed at preventing monopolistic behaviour by internet platforms, a move that will increase scrutiny on e-commerce marketplaces and payment services belonging to the likes of Alibaba Group.
NOV 23 - ALIBABA CEO SAYS CHINA'S SCRUTINY OF INTERNET PLATFORMS IS NEEDED
China's increasing oversight of internet platforms is both "timely and necessary", Alibaba Group CEO Daniel Zhang told the World Internet Conference.
DEC 14 - CHINA FINES DEALS INVOLVING ALIBABA, TENCENT
China warned its Internet giants it would not tolerate monopolistic practices and to brace for increased scrutiny, as it slapped fines and announced probes into deals involving Alibaba Group and Tencent Holdings.
(Reporting by Anshuman Daga; Editing by Raju Gopalakrishnan)
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
Dear Reader,
Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.
As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.
Support quality journalism and subscribe to Business Standard.
Digital Editor
RECOMMENDED FOR YOU