Regulators recently interviewed 13 Chinese Internet financial giants following a third interview of Ant Group. A China observer said power struggles inside the Chinese Communist Party (CCP) are behind these interviews. Among other issues, supervision of the shareholding structure and capital was reportedly emphasized in the interviews. Four Chinese financial regulators, including the People’s Bank of China, China Banking Regulatory Commission, China Securities Regulatory Commission, and the State Administration of Foreign Exchange, jointly interviewed representatives of the financial platform companies on April 29. The interviewed giants are Tencent, Du Xiaoman Financial, JD.com, ByteDance, Meituan Finance, Didi Finance, Lufax, Tianxing Data, 360 DigiTech, Sina Finance, Suning Finance, Gome Finance, and Trip.com Group Finance. Similar to Ant Group, these 13 companies all have integrated operations, large business volume, and strong industry influence. In the interview meeting, Pan Gongsheng, Vice Governor of the Chinese Central Bank put forward seven requirements: 1. All financial activities must …
13 Chinese Internet Financial Giants Interviewed Amidst a CCP Internal Power Struggle
May 18, 2021
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