Chinese regulators imposed on the company which provides the technology infrastructure and marketing reach to help merchants Alibaba fine for unfair competition in its payments business. Alipay’s current position in China is huge according to the fact that has more than a billion users. The company handled the equivalent of more than $17 trillion of digital payment transactions in the year to June 2020.

Regulators announced that the company will pay a record $2.75 billion antitrust penalties as China tightens controls on the booming "platform economy".

Lightstream Research analyst Oshadhi Kumarasiri said: "This restructure effectively splits Ant into a few independent businesses to stop Alipay from being a super app capable of controlling the day to day lives of the Chinese people."

As a reaction to the fine, Alibaba’s Ant in a statement said it“will spare no effort in implementing the rectification plan, ensuring that the operation and growth of our financial-related businesses are fully compliant.”

Performance Alibaba’s shares (Tradingview.com)