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Authorities initiate new probe on Jack Ma’s financial empire

Chinese authorities led by the National Audit Office have ordered the nation's biggest state-owned firms and banks to start rechecking their financial exposure and other links to Jack Ma's Ant Group. Regulators and the banking watchdog told institutions under their oversight to closely examine all exposure they had to billionaire Ma's financial empire, its subsidiaries, and even its shareholders up to January. The said institutions were told they must report findings back as soon as possible. It was unclear what triggered the new scrutiny or whether it will lead to any actions or conclusions by regulators. The Chinese government more than a year ago had stopped the biggest initial public offering in history by Ant as Beijing has shown no letup in a crackdown that has snowballed into an assault on every corner of China's technosphere.


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