Alibaba is not completely out of the woods yet. Besides the record $2.8bn fine, Alibaba's Ant Goup was also told to transfer all financial operations to a new financial holding company and to subject them to strict monitoring and supervision.

According to China's state-run news agency Xinhua, Ant Group was summoned to a "joint regulatory talk" with the People's Bank of China (Central Bank of China), the China Banking and Insurance Regulatory Commission, the China Securities Regulatory Commission, and the State Administration of Foreign Exchange. This is the third time Ant was summoned to similar talks in less than six months.

The four regulatory bodies told Ant to transfer all financial operations to a new financial holding company to be set up later. This means all of Ant Group's current financial operations, including Alipay, will be subjected to strict monitoring and supervision by Chinese authorities.

Source: http://www.xinhuanet.com/fortune/2021-04/12/c_1127321490.htm