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Ant Group Announces Overhaul as China Tightens Its Grip


China’s fast-moving campaign to curb the power of internet giants has hit its latest mark: Ant Group, the fintech sister company of the e-commerce behemoth Alibaba.Ant announced on Monday that it would undertake a sweeping, government-ordered overhaul of its business to allay regulators’ concerns about the way it competes with rivals, its large-scale collection of user data and the risks its business may pose to the wider financial system.Beijing has made the corporate empire of Jack Ma, Alibaba’s billionaire co-founder and Ant’s controlling shareholder, an early major target as it dials up its scrutiny of …

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