1 MONGOLIA MARKS CENTENNIAL WITH A NEW COURSE FOR CHANGE WWW.EASTASIAFORUM.ORG PUBLISHED:2024/12/20      2 E-MART OPENS FIFTH STORE IN ULAANBAATAR, MONGOLIA, TARGETING K-FOOD CRAZE WWW.BIZ.CHOSUN.COM PUBLISHED:2024/12/20      3 JAPAN AND MONGOLIA FORGE HISTORIC DEFENSE PACT UNDER THIRD NEIGHBOR STRATEGY WWW.ARMYRECOGNITION.COM  PUBLISHED:2024/12/20      4 CENTRAL BANK LOWERS ECONOMIC GROWTH FORECAST TO 5.2% WWW.UBPOST.MN PUBLISHED:2024/12/20      5 L. OYUN-ERDENE: EVERY CITIZEN WILL RECEIVE 350,000 MNT IN DIVIDENDS WWW.GOGO.MN PUBLISHED:2024/12/20      6 THE BILL TO ELIMINATE THE QUOTA FOR FOREIGN WORKERS IN MONGOLIA HAS BEEN SUBMITTED WWW.GOGO.MN PUBLISHED:2024/12/20      7 THE SECOND NATIONAL ONCOLOGY CENTER TO BE CONSTRUCTED IN ULAANBAATAR WWW.MONTSAME.MN PUBLISHED:2024/12/20      8 GREEN BOND ISSUED FOR WASTE RECYCLING WWW.MONTSAME.MN PUBLISHED:2024/12/19      9 BAGANUUR 50 MW BATTERY STORAGE POWER STATION SUPPLIES ENERGY TO CENTRAL SYSTEM WWW.MONTSAME.MN PUBLISHED:2024/12/19      10 THE PENSION AMOUNT INCREASED BY SIX PERCENT WWW.GOGO.MN PUBLISHED:2024/12/19      КОКС ХИМИЙН ҮЙЛДВЭРИЙН БҮТЭЭН БАЙГУУЛАЛТЫГ ИРЭХ ОНЫ ХОЁРДУГААР УЛИРАЛД ЭХЛҮҮЛНЭ WWW.MONTSAME.MN НИЙТЭЛСЭН:2024/12/20     "ЭРДЭНЭС ТАВАНТОЛГОЙ” ХК-ИЙН ХУВЬЦАА ЭЗЭМШИГЧ ИРГЭН БҮРД 135 МЯНГАН ТӨГРӨГ ӨНӨӨДӨР ОЛГОНО WWW.MONTSAME.MN НИЙТЭЛСЭН:2024/12/20     ХУРИМТЛАЛЫН САНГИЙН ОРЛОГО 2040 ОНД 38 ИХ НАЯДАД ХҮРЭХ ТӨСӨӨЛӨЛ ГАРСАН WWW.NEWS.MN НИЙТЭЛСЭН:2024/12/20     “ЭРДЭНЭС ОЮУ ТОЛГОЙ” ХХК-ИАС ХЭРЛЭН ТООНО ТӨСЛИЙГ ӨМНӨГОВЬ АЙМАГТ ТАНИЛЦУУЛЛАА WWW.EAGLE.MN НИЙТЭЛСЭН:2024/12/20     Л.ОЮУН-ЭРДЭНЭ: ХУРИМТЛАЛЫН САНГААС НЭГ ИРГЭНД 135 МЯНГАН ТӨГРӨГИЙН ХАДГАЛАМЖ ҮҮСЛЭЭ WWW.EAGLE.MN НИЙТЭЛСЭН:2024/12/20     “ENTRÉE RESOURCES” 2 ЖИЛ ГАРУЙ ҮРГЭЛЖИЛСЭН АРБИТРЫН МАРГААНД ЯЛАЛТ БАЙГУУЛАВ WWW.BLOOMBERGTV.MN НИЙТЭЛСЭН:2024/12/20     “ORANO MINING”-ИЙН ГЭРЭЭ БОЛОН ГАШУУНСУХАЙТ-ГАНЦМОД БООМТЫН ТӨСЛИЙН АСУУДЛААР ЗАСГИЙН ГАЗАР ХУРАЛДАЖ БАЙНА WWW.BLOOMBERGTV.MN НИЙТЭЛСЭН:2024/12/20     АЖИЛЧДЫН САРЫН ГОЛЧ ЦАЛИН III УЛИРЛЫН БАЙДЛААР ₮2 САЯ ОРЧИМ БАЙНА WWW.BLOOMBERGTV.MN НИЙТЭЛСЭН:2024/12/19     PROGRESSIVE EQUITY RESEARCH: 2025 ОН “PETRO MATAD” КОМПАНИД ЭЭЛТЭЙ БАЙХААР БАЙНА WWW.BLOOMBERGTV.MN НИЙТЭЛСЭН:2024/12/19     2026 ОНЫГ ДУУСТАЛ ГАДААД АЖИЛТНЫ ТОО, ХУВЬ ХЭМЖЭЭГ ХЯЗГААРЛАХГҮЙ БАЙХ ХУУЛИЙН ТӨСӨЛ ӨРГӨН МЭДҮҮЛЭВ WWW.EAGLE.MN НИЙТЭЛСЭН:2024/12/19    

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MBCC “Doing Business with Mongolia seminar and Christmas Receptiom” Dec 10. 2024 London UK MBCCI London UK Goodman LLC

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Gazprom determines optimal route for pipeline to China via Mongolia, pre-feasibility study proves its cost-effectiveness www.interfax.com

MOSCOW. April 12 (Interfax) - Gazprom has identified the optimal route for the Soyuz Vostok gas pipeline via Mongolia to China; a pre-feasibility study has proved its cost-effectiveness.
The Russian gas giant said in a statement that the pre-feasibility study had been approved as part of a comprehensive analysis of the project to supply gas to China via Mongolia.
The Soyuz-Vostok pipeline will be routed via Mongolia and will be a continuation of the Russian Power of Siberia 2 gas pipeline.
The pre-feasibility study determines the optimal route of the gas pipeline route through the territory of Mongolia, its length, diameter, operating pressure and the number of compressor stations. Preliminary design indicators show the necessary economic effectiveness of the project's implementation.
The full feasibility study for the project, which will detail investment and operating expenditures, should be ready by the end of the year, as the joint working group set up by Gazprom and Mongolia's government stipulates in its plan of action. The special purpose company Soyuz Vostok Gas Pipeline is working in the study.
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Australia, WHO work together to increase COVID-19 testing capacity in Mongolia www.montsame.mn

On April 9, Australia and the World Health Organization (WHO) signed a AUD 490,000 grant to assist the Government of Mongolia and WHO efforts in Mongolia to increase COVID-19 testing capacity. The funding will strengthen and expand PCR testing and diagnosis in Ulaanbaatar and key regional centers.
Signing on behalf of the Australian Government was HE Mr Dave Vosen, Australian Ambassador to Mongolia, while Dr Sergey Diorditsa, WHO Representative to Mongolia, signed on behalf of the WHO.
The “Surge capacity for early detection and active surveillance for COVID-19 in Mongolia” project will be managed by WHO Representative’s Office in Mongolia. In addition to increasing testing capacity, the project also aims to strengthen laboratory capacity in genomic sequencing of SARS-CoV-2. Australia’s contribution will help procure and mobilize additional testing supplies and reagents. This will increase the number of specimens available for testing.
Combined with Ministry of Health and WHO activities that continue to provide ongoing COVID-19 testing training for staff at national and regional laboratories, the funding will increase the number of tests enabling the detection of mild and asymptomatic cases in the early stages so potential complications due to COVID-19 can be prevented and detect variants of SARS-CoV-2 virus.
“Australia is a strong and active partner in Mongolia and is working hard to strengthen our region's economic recovery, its health security and its stability. This funding, in addition to our support for vaccine procurement and distribution is another tangible activity driven by Australia’s priorities under our Partnerships for Recovery strategy,” said HE Mr Dave Vosen.
“As part of these efforts, we are pleased to partner with the WHO Representative’s Office in Mongolia to help minimize the risk of local transmission of COVID-19 in Mongolia at this critical time.”
Thanking the Government of Australia for this very timely contribution to further strengthen the national laboratory capacity in Mongolia, Dr Sergey Diorditsa said, “In preparation for launching the project, WHO has provided support to train three laboratory technicians from the National Center for Communicable Diseases in genomic sequencing in Japan. The project will help Mongolia not only conduct testing and early detection, but will provide support to detect variants of the virus by enabling laboratories to do genomic sequencing.”
WHO Representative Office in Mongolia
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Rio Tinto and Turquoise sign financing deal for Oyu Tolgoi expansion www.mining-technology.com

Rio Tinto has signed an agreement with Turquoise Hill Resources (TRQ) on an updated financing plan for the $2.3bn underground development of the Oyu Tolgoi copper-gold mine in Mongolia.
Claimed to be the world’s largest new copper-gold mines, the Oyu Tolgoi mine is located in Mongolia’s South Gobi region, approximately 550km south of Ulaanbaatar and 80km north of the Mongolia-China border.
Under the binding heads of agreement (HoA), Rio and Turquoise Hill agreed to restructure up to $1.4bn of debt payments with lenders.
It will also look to raise up to $500m of senior supplemental debt (SSD) for the project from selected international financial institutions under existing financing arrangements.
To address potential shortfalls from the re-profiling and additional SSD, Rio Tinto plans to provide up to $750m through a co-lending facility.
Rio Tinto Copper CEO Bold Baatar said: “This agreement and alignment with TRQ represents a major milestone in the continued development of Oyu Tolgoi, which is expected to become one of the world’s largest copper mines and a significant contributor to the Mongolian economy for years to come.
“Commencing the re-profiling whilst concurrently listening, engaging and resolving the concerns of the Government of Mongolia are critical steps to maintaining momentum on the timely delivery of the Oyu Tolgoi underground project.”
Through Erdenes Oyu Tolgoi, the Mongolian Government has a 34% stake in the Oyu Tolgoi copper-gold mine.
Turquoise Hill Resources holds the remaining 66% in the mine, which is located in the South Gobi region. Rio Tinto owns a roughly 50.8% stake in Turquoise Hill Resources.
According to estimates, the Oyu Tolgoi mine has the potential to operate for approximately 100 years from five known mineralised deposits.
The first of the deposits, namely the Oyut deposit, started production as an open-pit operation in 2013.
A second deposit, Hugo North (Lift One), is being developed as an underground operation.
In February, the Financial Times reported that the Mongolian Government is considering scrapping the deal with Rio Tinto to expand the Oyu Tolgoi project.
A new agreement with improved terms for the project is planned to be signed by the government with Rio Tinto, the report said.
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Bitcoin mining in China could soon generate as much carbon emissions as some European countries, study finds www.cnn.com

New York (CNN Business)Bitcoin's soaring popularity could have a long-lasting negative effect on the environment.
Cryptocurrency mining requires significant computer power and electricity, and the increase in bitcoin purchases leaves behind a hefty carbon footprint.
But just how much is bitcoin mining contributing to global warming?
In China alone, bitcoin is projected to generate more than 130 million metric tons of carbon emissions by the time the technology's energy consumption peaks in 2024, according to a new study published in the scientific journal Nature Communications.
That amount of greenhouse gases would have surpassed the total annual emissions output from the Czech Republic and Qatar in 2016. The bitcoin blockchain could consume as much energy per year as small to medium-sized countries such as Denmark, Ireland or Bangladesh, according to research from Sinan Kufeogl, civil engineering research associate at the University of Cambridge.
As bitcoin has grown in popularity, China has become a mecca for the technology. If China's bitcoin industry were a country, its total energy consumption would have ranked 12th globally in 2016, ahead of major economies like Italy and Saudi Arabia, according to the study. With specialized hardware and cheap electricity readily available, the country now accounts for more than 75% of the bitcoin network's hashing power — the power a computer or hardware uses to run and solve algorithms that generate new cryptocurrency sums and allow transactions between them.
"Since the bitcoin mining industry is so new, it has not been properly accounted for and regulated around the world," Shouyang Wang, a co-author of the study and professor at Chinese Academy of Sciences, told CNN Business.
Bitcoin mining hardware has evolved as the cryptocurrency's popularity has increased over time. At its inception, bitcoin mining went through a basic Central Processing Unit (CPU) on a general-purpose computer, the study's authors say.
The process then evolved and shifted to Graphic Processing Units (GPUs), which offered more power, higher hash rates and ultimately led to more energy consumption. Eventually, Application-Specific Integrated Circuits (ASICs) were introduced to optimize the mining-related calculations.
Cryptocurrency mining hardware is constantly running, which also increases energy consumption. Between January 1, 2016, and June 30, 2018, the mining operations for four major cryptocurrencies released up to an estimated 13 million metric tons of carbon dioxide, according to a separate study in the research journal Nature Sustainability.
The growth of these emissions could have massive implications for the entire planet.
China is a key signatory of the Paris Agreement and has pledged to be carbon neutral by 2060. But the country remains the world's largest contributor of greenhouse gases, and the study's authors say bitcoin mining could compromise the country's attempts at emissions reductions.
"It is important to provide miners with incentives to move their operations to clean-energy regions," Wang said. "That is why building and upgrading the clean-energy power generation facilities to ensure consistent electricity generation is important."
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Foreign visitors to Mongolia decrease by 90.2 pct in Q1 www.xinhuanet.com

The number of foreign visitors to Mongolia in the first quarter this year plummeted by 90.2 percent from a year ago due to the global COVID-19 outbreak, official data released by the country's National Statistics Office (NSO) showed Monday.
In the January-March period, Mongolia received a total of only 4,024 foreign visitors, the NSO said.
The sharp decline in foreign visitors is directly related to the prolonged measures to contain the COVID-19 outbreak, according to experts with the statistical office.
Mongolia suspended international passenger flights in mid-February 2020 to prevent the spread of COVID-19.
The Asian country is planning to reopen its air border from May 1 to resume international passenger flights, according to the government.
So far, the country has registered 15,718 COVID-19 cases, with 30 related deaths
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Mongolia reports 704 new cases of coronavirus, 3 deaths www.akipress.com

Mongolia reported 704 new cases of COVID-19 in 24 hours after 13,591 PCR tests conducted nationwide.
598 cases were registered in Ulaanbaatar.
The total number of coronavirus cases reached 15,718, the Ministry of Health said.
A total of 9,516 patients recovered, with 218 in the last 24 hours.
3 deaths (a 73-year-old man, a 79-year-old woman, and a 60-year-old woman) occurred yesterday.
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Petro Matad announces Block XX operational update www.energy-pedia.com

Petro Matad, the AIM quoted Mongolian oil company, has provided an operational update.
Block XX Exploitation Licence
Progress has been made on the two remaining steps of the Exploitation Licence application that need to be completed prior to submitting the formal request for the Block XX Exploitation Licence to be awarded.
Plan of Development: Mongolia's upstream industry regulator, the Mineral Resources and Petroleum Authority of Mongolia (MRPAM), convened a meeting of the Technical Committee on 16 March and provided its recommendations on Petro Matad's Heron oilfield Plan of Development. These have been incorporated into the documentation which is now ready for final review by the Mineral Resources Professional Council (MRPC) as required under the Mongolian government's Exploitation Licence application procedure. The MRPC has been asked to convene the meeting as soon as possible. If required, the meeting can be conducted virtually as was the MRPC review of Heron reserves.
Exploitation Area: The Company and MRPAM have agreed the area of Block XX that will be retained under the Exploitation Licence when awarded. The Exploitation Area includes the entire extension into Block XX of the proven and producing Toson Uul Basin. This basin contains an estimated 2 billion barrels of in place oil in the Petro China operated areas in Block XXI and XIX immediately to the north of Block XX. The agreed Block XX Exploitation Area contains all of the prospectivity identified within the proven basin. Petro Matad will look to undertake near field exploration drilling in this area, in parallel with the development of the Heron oilfield.
Formal application for Exploitation Licence: We have requested that MRPC reviews and approves the Plan of Development as soon as possible and once confirmed by ministerial resolution, we will have all the documents required to submit the formal application to the Minister to grant the Block XX Exploitation Licence.
Timing: Mongolia has been suffering from localised lockdowns in response to the Covid-19 pandemic in recent weeks and another two week lockdown has just been imposed in Ulaanbaatar in response to a rise in cases. We are hopeful that the lockdown will not impact the MRPC meeting. MRPC met virtually to review and approve the Heron field reserves during Mongolia's December 2020 lockdown. We are focused on successfully completing the Exploitation Licence application procedure and submitting the application to the Minister for award of the Licence early in Q2 2021.
Short-Term Funding Considerations
As the Company reported in 2020, cash conservation initiatives were implemented to extend the life of the Company's existing cash resources through to mid-2021, a period deemed long enough at that time to secure the Exploitation Licence and the funding necessary for the next phase of the Company's development. Given the progress made in recent weeks, we remain hopeful that the Exploitation Licence will still be granted within this period however, in order to secure the financial standing of the Company beyond mid-2021, the Board has procured an unsecured loan facility from its major and founding shareholder, Petrovis.
Petrovis has agreed to make available to Petro Matad a line of credit of up to US$1.5 million, to be drawn when needed to maintain the Company's operating capability, to see it through to the award of the Exploitation Licence and the establishment of funding for development operations. Interest on the loan will be paid at effectively the same rate that Petrovis secures US dollar financing from its banks (currently 10%). The loan will be repaid by one or more of the following:
From production revenue with repayment starting no earlier than 2023;
The amount drawn plus interest will be rolled into Petrovis's contribution to any future equity fund raising that may be undertaken; or
From the proceeds (payment of back-costs) of a successful farm-out.
The loan will only be drawn if required and based on current and forecast operating costs could fund the Company at its current level of staffing and activity through to Q3 2022 if necessary. With this funding mechanism available, Petro Matad will have the finances it needs to complete the Exploitation Licence application process and to secure the funding required for development operations on the Heron oilfield.
Mike Buck, CEO of Petro Matad said:
'We are very pleased to have agreed with MRPAM the Exploitation Area which contains the entirety of the Heron and Gazelle structures and the full extent into Block XX of the prolific oil producing Toson Uul basin. We are evaluating the near field potential in the area that could see reserves increase significantly through low cost, high chance of success, exploration drilling conducted in parallel with production and development activities at Heron over the next few years.
On the Plan of Development, we are appreciative of the time and dedication shown by MMHI and MRPAM in providing their expertise and recommendations to improve the plan. MMHI has also said it will expedite the MRPC review which is the final, formal meeting required in the Exploitation Licence application procedure.
Finally, we are extremely grateful to Petrovis for their continued support and their firm belief that Petro Matad can successfully move to being an exploration and production company in the near-term. Their ongoing support underlines their confidence in the potential of Petro Matad and of the country for sustained development.'
Further updates will be provided in due course.
Original article link
Source: Petro Matad
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Parliament reviews MNT 10 trillion economy recovery, health protection plan implementation www.montsame.mn

State Great Khural of Mongolia at its plenary session dated April 9 reviewed the ongoing implementation of the government comprehensive plan aimed at economic recovery and health protection amid the pandemic with total funding of MNT 10 trillion, as presented by Minister of Finance B.Javkhlan.
The government planned 56 sets of measures, such as promoting manufacturers and business industries, maintaining employment, provision of housing, supporting the agricultural production and income and livelihoods of livestock herders, developing non-mining export production, and increasing loan accessibility to individuals and companies.
The Finance Minister introduced that the comprehensive plan is designed not to pose an additional burden on the state budget and government’s debts, and the measures of loans to support employment and agricultural sector will be carried out using the sources of commercial banks’ funding with government-subsidized support for loan interests. In addition, the measures of repo financing and mortgage loans will be sourced from the central bank and commercial banks.
The MNT 10 trillion plan also lays out actions to increase economic activity through intensifying the projects underway with the international loans and grants money and to finance development projects of Erdenes Tavantolgoi LLC and other projects with benefits on the economy.
The sets of measures of the comprehensive plan with total financing of MNT 10 trillion include:
each MNT 2 trillion financing for loan program to support employment /2021/ mortgage loan program /2021-2022/ and repurchasing financing instruments /2021/,
MNT 500 billion for agricultural loans /2021/
MNT 1 trillion for infrastructure development of housing complexes /2021-2024/,
MNT 500 billion for youth employment training program /2021-2024/,
MNT 2 trillion for financing large-scale development projects /2021-2024/.
A total of 10 commercial banks are issuing 3-percent interest and 3-year term loans to support employment with subsided financing from the government and support from the Bank of Mongolia and the Ministry of Food, Agriculture and Light Industry and Credit Guarantee Fund. As of April 6, MNT 369 billion of loans were issued to 5,525 borrowers, including 814 companies and 4,711 individuals. The average size of the loans – for individuals MNT 37.4 percent and companies – MNT 237 million. The government is planning to provide loans to 3,500 companies and 20,000 individuals in total in order to support 120,000 job places.
In the scope of the plan, the central bank is working to provide repo financing to commercial banks with a term of up to 2 years to allow the banks to issue loans with 10.5 percent interest borrowers and re-finance the loans issued. As of April 6, MNT 221.3 billion were issued in loans to 1,467 borrowers (1103 companies and 364 individuals) and the average amount of loan - MNT 150.8 million.
With the ultimate aim to reduce air and environmental pollution, the government’s housing mortgage program provides soft term mortgages to citizens with the loan and middle income and its annual interest rate has been reduced from 8 percent down to 6 percent since October 2020. The mortgage program funding is sourced by both the central bank and commercial banks. As of April 6, some 2,609 borrowers have received MNT 542.8 billion in mortgage loans and the average loan amount is MNT 75 million.
Within the framework of the youth employment training program for 2021-20204 with the total cost of MNT 500 billion, the government is planning to spend MNT 11.8 billion to select 5,000 youths for the employment training program only in 2021.
One of the development projects to be partially financed under the comprehensive plan is the ‘Youth – I’ apartment complex of 3,000 households located in Khan-Uul District of Ulaanbaatar city. Also, a total of MNT 300 million of financing will be earmarked for loans with the 1-year term and 3-percent annual interest, including MNT 100 billion of loan financing for spring crop farming, MNT 200 billion of loans for cashmere preparation loans, informs the Finance Minister.
During the plenary session, Minister Javkhlan introduced that thanks to the MNT 10 trillion comprehensive plan, business activities will be resumed from 2021 and the economic growth is projected to surpass 5.2 percent and reach 6 percent in 2022-2024. “The low-interest loans being granted to individual businesses and companies will help cut down on business expenses and the inflation rate is to be maintained at around 6 percent between 2022 and 2024.”
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Mongolia’s U23 Women’s team leads world ranking www.montsame.mn

International Basketball Federation (FIBA) updated 3x3 world ranking in seven categories including national federation, men’s and women’s national team, U-23 men, U-23 women, and U-18 men and U-18 women as of April 7, 2021.
According to the ranking, Mongolia’s U-23 women’s team led the world ranking while U-23 men’s team was ranked 3rd, women’s national team 8th, men’s national team 9th as well as U-18 women’s team 9th, and U-18 men’s team 54th respectively. With combined points, Mongolia was ranked 7th in the Federation (country) category.
By the way, Mongolia’s 3x3 women team has qualified to participate in the Tokyo Olympics while the men’s team will compete in the Olympic qualifying tournament to be held on May 26-30 in Graz, Austria.
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Fine with a fine: Alibaba accepts all-time high $2.8bn penalty from Chinese antitrust regulator www.rt.com

China’s antitrust regulators have hit Alibaba Group, the world’s largest e-commerce corporation, with an 18.2 billion yuan ($2.8 billion) fine, the highest penalty of its kind on record.
The fine imposed on Alibaba is nearly three times higher than the 6.1-billion-yuan penalty imposed on Qualcomm, the world’s largest supplier of mobile chips, six years ago.
Moreover, Alibaba has been obliged to file self-examination and compliance reports to the State Administration for Market Regulation (SAMR) for three years.
The company said it “accepts the penalty with sincerity and will ensure its compliance with determination.”
“To serve its responsibility to society, Alibaba will operate in accordance with the law with utmost diligence, continue to strengthen its compliance systems and build on growth through innovation,” the company said.
The fine, which amounts to nearly 4% of the Alibaba’s revenue in 2019, comes after a months-long antitrust investigation. The case has reportedly set the precedent that will enable Chinese authorities to regulate the country’s Big Tech by means of anti-monopoly rules.
According to the SAMR, Alibaba had “abused its dominant market position in China’s online retail platform service market since 2015 by forcing online merchants to open stores or take part in promotions on its platforms.”
The approach had been forcing merchants to choose one of two platforms, rather than being able to work with both. That allowed the e-commerce giant to bolster its position in the market and gain unfair competitive advantages, in breach of the country’s anti-monopoly law.
The penalty comes as the latest development in China’s crackdown on its technology companies. The country’s tech giants, particularly the ones operating in the financial sector, have been under close attention from the Chinese government, amid its increasing power.
Chinese billionaire Jack Ma, the founder of both Alibaba and Ant Group, a financial platform that evolved from Alibaba’s payments service, Alipay, has recently become the focus of this intense scrutiny.
Ant’s long-anticipated stock market debut was halted in November after Chinese regulators introduced new rules on online micro-lending, a key part of its business. The China Securities Regulatory Commission also summoned Ma and other Ant execs.
The billionaire reportedly came under fire for criticizing Chinese regulators. Ma dropped out of the spotlight for months, evoking widespread speculation over his whereabouts after he gave a speech at a Shanghai conference, accusing officials of having a “pawnshop mentality” that stunted business growth and innovation in China.
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