China’s New Financial Rules to Cover Jack Ma’s Ant Group

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China’s central bank released rules that will subject Ant Group Co. and other conglomerates to new financial regulations, forcing companies to put up substantial capital to back payments, lending and other finance businesses they own. The People’s Bank of China on Sunday said firms that operate two or more financial businesses in the country will be classified as financial-holding companies. The regulations take effect on Nov. 1 and are aimed at large state-owned and private conglomerates, as well as internet companies, that…

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