In a statement to the
"(The) share repurchase program will be effective for a two-year period through the end of 2022. The company commenced the execution of its share repurchase program this quarter," The
Its stocks have plummeted in recent days after
The
The group's share fell 5.43 percent, in an indication that the initial response of investors to the enhanced buyback program was tepid at best.
The Monday losses and the decline of more than 8 percent on Thursday, when the Chinese regulators announced the investigation, means that each
The group has been facing several problems recently.
It was fined for dodging
The central bank accused
Bank Deputy Governor
Regulators required Ant to improve transparency and protect the privacy of user data, put an end to unfair competition practices, and apply "strictly" regulatory requirements in offering products from the credit, insurance, or financial management.
Ant must establish its financial companies as per the law and set right any irregularities in its insurance, wealth management, and credit businesses, and run its asset-backed securities business under regulations.
Pan asked
Pan said the group must comply with the requirements of the regulations and formulate a rectification plan and its corresponding implementation schedule as soon as possible.
The authorities had cited similar reasons when regulators dramatically intervened to halt Ant's IPO, which
However, analysts say there is a rift between the founder of
Ma, who is also the richest man in
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