Chinese authorities went on a truce in war with founder of Alibaba

Chinese Ant Group, which is controlled by the founder of Alibaba Jack MA, received permission to manage the consumer financial company, which speaks of positive changes in history with the confrontation of the authorities and the Internet giant, writes CNBC.

Ant Group will receive a fifty-percent share in a new enterprise and will contribute to the authorized capital of 4 billion yuan (about $ 626 million), the Chinese banking and insurance regulator said. The remaining share will receive six other shareholders. The company including will be able to issue retailers and produce bonds, and the Credit Business AT will also work, extractable for the company.

Beijing’s struggle with Jack Ma’s business began in November, when the authorities ordered the placement of Ant Group shares that went to the Chinese stock market. Then the company was forced to transform her business, giving more control to the state.

The beginning of the conflict was associated with critical statements by the MA to the authorities and their efforts to regulate the technological sphere. During the confrontation of power, a number of restrictions on the company’s work were imposed and blocked its applications.

In April Alibaba fined to a record $ 2.78 billion for China.

/Media reports.