Chinese regulators have ordered Ant Group Co., Jack Ma’s online financial titan, to return to its roots as a provider of payment services, threatening to throttle growth in its most lucrative businesses of consumer loans and wealth management.
The central bank summoned Ant executives over the weekend and told them to "rectify” the company’s lending, insurance and wealth management services, the People’s Bank of China said in a statement Sunday.
While it stopped short of directly asking for a breakup of the company, the central bank stressed that Ant needed to "understand the necessity of overhauling its business” and come up with a timetable as soon as possible.