Jack Ma-Backed Ant’s Profit Fell 65% Due to 7 Billion Yuan Fine

Ant Group Co.’s quarterly profit fell by 65%, dented by a one-time fine that signaled the end of China’s yearslong crackdown on the tech industry.

The Hangzhou-based company contributed 846 million yuan ($117 million) of profit to its affiliate Alibaba Group Holding Ltd., a filing showed Thursday. Based on Alibaba’s one-third stake in Ant, that translates to an estimated 2.6 billion yuan in profit for the fintech company’s June quarter.

That compares with a 17% rise in Ant’s profit in the previous three months. Its earnings lag a quarter behind Alibaba’s.

Ant’s profit would have grown to 9.6 ...