Ant Group, a leading financial technology company based in China, recorded a 19% decline in net profit, totaling 7.87 billion yuan ($1.09 billion) for the three-month period ending on December 31. These figures were extracted from Alibaba Group Holding’s earnings release on Tuesday.
It’s noteworthy that Alibaba Group reports profit from its subsidiary Ant Group with a one-quarter delay.
Chinese regulatory authorities imposed a significant fine of 7.12 billion yuan on Ant Group in July of the previous year. This penalty was attributed to violations related to consumer protection and corporate governance laws, marking the conclusion of a prolonged regulatory overhaul targeting the fintech giant.
Both Ant Group and Alibaba Group Holding were co-founded by Chinese billionaire Jack Ma. Furthermore, Alibaba maintains a substantial 33% stake in Ant Group, emphasizing the interconnectedness between these prominent entities in the Chinese tech landscape.
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