Chinese authorities are poised to fine Ant Group more than US$1 billion (HK$7.8 billion), paving the way for the fintech giant to revive its plans for an initial public offering after the two-year-long regulatory overhaul, Reuters reported citing six sources.

The People's Bank of China, which has been driving the revamp at Ant after the Chinese firm's US$37 billion IPO was scuttled at the last minute in 2020, is the regulator that is readying the fine, said five of the sources.$1b-fine