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China asks state firms to check investments in Jack Ma’s Ant – sources

State-owned banks and non-bank firms are among the entities that have been asked by the regulatory authorities to make checks, said the sources, declining to be identified as they were not authorised to speak to the media. It was not immediately clear if the firms have been given a deadline to submit the information nor what action, if any, will be taken after that. Ant, an affiliate of Alibaba Group, has been subjected to a sweeping restructuring by China, whose initial public offering (IPO) of $37 billion, which would have been the world’s largest, was derailed by regulators in late 2020.

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