China Tightens Rules for Conglomerates’ Financial Businesses – Bloomberg

China is tightening rules and imposing capital demands on sprawling empires such as
Ant Group and
China Evergrande Group in its latest attempt to curb risks in the nation’s $49 trillion financial industry.
The new regulations will require licenses for non-financial companies that do business across at least two financial sectors, and which are designated as “financial holding companies,” the State Council said Sunday on its website.
The rules will take effect Nov. 1 and apply to companies …

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