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China releases new rules for financial holding firms to tighten regulation on Ant and other conglomerates

China released new rules that will subject financial companies including Ant Group and other conglomerates to new regulations in its latest attempt to curb risks in the country's vast financial industry.

The new rules 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. Any application must be submitted within 12 months after the rules take effect on . . .

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