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Jack Ma’s Ant Group Hit by Flurry of New Rules Ahead of Mega IPO

(Bloomberg) — Ant Group was dealt another blow by yet more regulations to contain risks in the country’s burgeoning online lending industry as Jack Ma’s financial technology giant prepares for its initial public offering.

China’s banking watchdog on Wednesday issued fresh rules to cap the use of asset-backed securities to fund quick consumer loans, which will force Ant in particular to rein in that part of its business. The new regulation limits that sort of funding to four times a firm’s net assets, while Ant currently has 4.7 times such debt against its capital.

The rules add to a barrage of recent steps by regulators to rein in consumer borrowing and reduce risks. Regulators have also capped loan rates and imposed new capital and license requirements on Ant and other conglomerates. The firm is preparing to sell shares to the public and is said to seek to raise as much

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HNA Group chairman barred from flying, vacationing on firm’s failure to pay court-ordered $5,300

BEIJING (Reuters) – The chairman of cash-strapped HNA Group has been barred from taking flights and high-speed trains and going on vacations due to the Chinese conglomerate’s failure to pay a court-ordered $5,300 in a lawsuit, a court document showed.

The once high-flying company, which owns Hainan Airlines <600221.SS>, is in the midst of a restructuring led by the Hainan government to resolve its liquidity risks stemming from years of aggressive acquisitions abroad.

The group and its affiliates have delayed payments on a few bond products this year.

HNA chairman and legal representative Chen Feng has also been barred from spending at star-rated hotels, nightclubs and golf clubs, and buying properties and high-premium insurance products, an order from the People’s Court in Xi’an city’s Beilin district showed on Tuesday. The order also disallows his children from attending private schools.

The conglomerate declined to comment on the order.

While such court-ordered

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How a group of clinic volunteers use TikTok to battle anti-abortion protesters

How a group of clinic volunteers use TikTok to battle anti-abortion protesters
How a group of clinic volunteers use TikTok to battle anti-abortion protesters

Sometimes you need to fight fire with fire — or fire with “WAP” lyrics.

A group of abortion clinic escorts and defenders have developed a devoted fanbase on TikTok after going viral for their unconventional methods of opposing religious protesters. The clinic, which is based in North Carolina, is often swamped with protesters who read Bible passages and chant about sin in an effort to intimidate patients seeking reproductive care. The army of primarily teenage girls defending the clinic’s patients are fighting back in the most quintessential Gen Z way possible: bullying them on the internet.

In one video, an older (and notably unmasked) protester, attempts to preach in front of the clinic. A woman with fuchsia hair and a “Black Lives Matter” face mask, TikTok user alexthefeminist, drowns him out by reading the lyrics to Cardi B

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As IPO Looms, All You Need to Know About Jack Ma’s Ant Group

(Bloomberg) — Billionaire Jack Ma’s Ant Group is poised to pull off what could be the biggest initial public offering ever by simultaneously listing in Hong Kong and Shanghai. It’s said to be gunning for a valuation of $225 billion, making it the world’s fourth-largest financial company.

A 2011 offshoot of Chinese giant Alibaba Group Holding Ltd., the firm has defined and dominates the Chinese payments market through its ubiquitous Alipay app. It also runs the giant Yu’ebao money market fund and the Huabei and Jiebei consumer lending units.

Based in Hangzhou, a sprawling metropolis south of Shanghai, its ambitions run much deeper than just finance. Here’s a thumbnail look at the business units and the challenges faced by the firm.

Alipay: A $17 Trillion Machine

The world’s largest digital payment platform was created in 2004 as an escrow service for Alibaba to secure transactions on the e-commerce site. For

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Ant’s IPO Is Set to Make Group of Elite Insiders Very Rich

(Bloomberg) — It’s the hottest fintech in the world and it’s poised to go public in the coming months, unlocking vast riches for early investors and employees.

Ant Group, the online payment provider backed by Alibaba Group Holding Ltd. filed the prospectus for its initial public offering Tuesday, unveiling some of the people who stand to win big from the listing.

The obvious one is Jack Ma, whose stake in Ant will be worth $25 billion if it achieves the $225 billion valuation people familiar with the matter have said it’s targeting. That could catapult him to among the world’s 10 richest people.

Ant Chairman Eric Jing’s fortune will swell to $2.9 billion, and another 17 current and former Alibaba and Ant executives will join the ranks of billionaires, based on the ownership structure described in the prospectus.

An Ant representative declined to comment on the calculations.

Most of the

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China’s mighty financial group heads for a mega market debut

Chinese financial technology group Ant has unveiled plans for a stock market debut that may raise a record $30bn (£23bn).

The company, affiliated with online retail giant Alibaba, says it will sell shares in Hong Kong and Shanghai.

The announcement comes amid rising tensions as the Trump administration cracks down on Chinese firms.

While many in the West won’t have heard of Ant, it is best known in China for the mobile payments powerhouse Alipay.

What is Ant Group?

Headquartered in the Chinese city of Hangzhou, Ant was launched in 2004 by e-commerce giant Alibaba and its founder Jack Ma.

Since then Alipay has become China’s dominant mobile payments business.

Along with mobile payments, more than 700m people a month and 80m businesses use the service to pay bills, buy insurance and invest in mutual funds.

Meanwhile Alibaba, which owns a 33% stake in Ant, is increasingly folding its services

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Ant’s Mega IPO Is Set to Make Group of Elite Insiders Very Rich

(Bloomberg) — It’s the hottest fintech in the world and it’s poised to go public in the coming months, unlocking vast riches for early investors and employees.

Ant Group, the online payment provider backed by Alibaba Group Holding Ltd. filed the prospectus for its initial public offering Tuesday, unveiling some of the people who stand to win big from the listing.

The obvious one is Jack Ma, whose stake in Ant will be worth $25 billion if it achieves the $225 billion valuation people familiar with the matter have said it’s targeting. That could catapult him to among the world’s 10 richest people.

Ant Chairman Eric Jing’s fortune will swell to $2.9 billion, and another 17 current and former Alibaba and Ant executives will join the ranks of billionaires, based on the ownership structure described in the prospectus.

An Ant representative declined to comment on the calculations.

Most of the

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Alibaba’s Ant Group files for blockbuster Hong Kong, Shanghai dual listing

By Julie Zhu

HONG KONG (Reuters) – Ant Group, Alibaba’s fintech arm and China’s dominant mobile payments firm, filed for a dual listing in Hong Kong and on Shanghai’s Nasdaq-style STAR Market on Tuesday and could raise as much as $30 billion in what would be the world’s largest IPO.

Ant’s initial public offering would be the first simultaneous listing in Hong Kong and the year-old STAR Market, boosting Hong Kong’s status as an international IPO market and helping enhance STAR as a capital markets centre.

Ant, already the world’s most valuable unicorn – or billion-dollar unlisted tech firm – did not disclose the size, timetable or other key details of the offering in its preliminary prospectus.

Ant declined to comment on its IPO details.

People with knowledge of the matter have previously said Ant plans to raise more than $20 billion from the dual-listing which could take place in

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Italian Investor Eyeing Collaboration With American Group on Brooks Brothers

MILAN — Could an Italian-American collaboration be in the cards for the future of Brooks Brothers?

“An alliance would be very healthy and intelligent,” Luciano Donatelli, who has been spearheading a group of investors under the Club Deal 8 moniker to buy the storied American retailer, told WWD on Sunday evening.

According to a source close to the Italian investors, the funds necessary to make an offer to buy Brooks Brothers have been secured, but Donatelli is now convinced that it would make more sense to join forces with a group with knowledge of the American market.

“I believe that, since Brooks Brothers has such deep American roots, [the revamp] cannot be done without a collaboration with an American group that is aware of the different dynamics existing in the U.S. We have to find solutions together, in the full respect of the different cultures,” said Donatelli, who is set

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Ant Group – the $200bn technology titan you’ve never heard of

 Jack Ma, founder and CEO of the Alibaba Group - Jacques Brinon /Earns Alibaba
Jack Ma, founder and CEO of the Alibaba Group – Jacques Brinon /Earns Alibaba

He is known for his lavish parties and eccentric tastes. In the past Jack Ma, the 55 year-old billionaire founder of Chinese e-commerce giant Alibaba, has attended the group’s annual company festivals dressed up as a punk rocker or as Michael Jackson.

But the public float of his second company, Ant Group, could turn out to be his biggest extravaganza yet.

The forthcoming listing of the payments firm, which was announced on Monday, is expected to value it at $200bn (£158bn) – making it easily the most valuable listing of 2020 anywhere in the world.

Ant Group, formerly Ant Financial, provides mobile payments services across China and further afield with 1 billion users. Its products include mobile payments apps, backend payment services and digital wallets and is the market leader in China’s $16tn digital payments industry.

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