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Another defendant, Xiao Yanling, the ex-deputy head of the company's financial department, was convicted of fraudulently obtaining bill acceptance, but she was exempted from criminal penalty as she had voluntarily surrendered and her crime was lighter than others, the statement said.

Ant Forest encourages users to collect points for engaging in low-carbon activities, such as using public transport; after a certain number of points are collected, Ant Financial and its partners plant a tree as a contribution to China's efforts to prevent desertification. Alipay's Urban Services provides online access to government services.

Ant Financial and Tencent, which according to iResearch make up the lion's share of China's 22.7 trillion (.4 trillion) mobile payment market, have just completed a weeklong battle in which they dished out generous incentives to lure users to their payment systems.

Another major, long-term unintended consequence, said Sicina, is that “foreign investment in the US will also be disrupted because of the tariffs”.

Animation Cloudbabies features characters who take care of the sun and moon. [Photo provided to chinadaily.com.cn]