Ant Group shuts mutual aid fund Xianghubao

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Alibaba’s financial affiliate Ant Group has said it will shutter Xianghubao, the world’s largest mutual aid fund, on January 28 amid Beijing’s regulatory crackdown on financial services. The four-year-old fund claims more than 100 million registered users and to have aided 180,000 people in need over the past three years. The move is the latest blow to the extensive business interests of Ant Group after regulators halted its planned mega IPO in November last year. [Bloomberg]