Central bank says Ant Group governance is unsound and tells it to rectify ‘illegal activities’

China has escalated its campaign to rein in the vast tech empire controlled by Jack Ma, the co-founder of Alibaba and one of the country’s richest people.

Authorities in Beijing, who had on Christmas Eve ordered an investigation into allegations of “monopolistic practices” by Ma’s online retail giant, have now ordered his financial technology company Ant Group to scale back its operations.

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