Ant Group issued with 7.12 billion yuan fine

Chinese regulators on Friday announced a fine worth 7.12 billion yuan ($984.1 million) against Ant Group, an affiliated company of Alibaba Group Holding Ltd, for violation of laws and regulations.

Currently, the special rectification work on most of prominent problems concerning major platform companies' financial activities has already completed, according to the China Securities Regulatory Commission.

The focus of financial regulatory authorities will shift from intensive and special rectifications to normalized supervision, the CSRC said.