China Clamps Down on Finance Arms of Ant, Other Giants

(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. Any application must be submitted within 12 months after the rules take effect on Nov. 1.

Companies with a banking operation and financial assets of more than 500 billion yuan ($73.1