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China to end Ant Group's regulatory revamp with fine of at least $1.1 billion: sources

News Snapshot:

HONG KONG (Reuters) — Chinese authorities are likely to announce a fine of at least 8 billion yuan ($1.1 billion) on Ant Group as soon as Friday, sources with direct knowledge of the matter said, bringing an end to the fintech company's years-long regulatory overhaul. The People's Bank of China (PBOC), which has been driving the revamp at Ant after its $37 billion IPO was scuttled in late 2020, is expected to disclose the fine in the coming days, the sources told Reuters. Hong Kong shares in Ant's affiliate, e-commerce titan Alibaba Group (9988.HK) (BABA), jumped as much as 6.4%…

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