Chinese authorities announced on Friday a fine of 7.12 billion yuan ($984 million) for Ant Group for violating laws concerning consumer protection and corporate governance, one of the largest ever fines for an internet company in China.

The penalty ends a yearslong regulatory overhaul of the fintech company.

The People's Bank of China (PBOC), which has been driving the revamp at Ant after its $37 billion initial public offering was scuttled in late 2020, announced the penalty in a statement published on its website.