Ant Group agrees on restructuring

Ant Group agrees on restructuring
The plan calls for putting all of Ant’s businesses into financial holding company, including its technology offerings
Reuters
February 04, 2021
A thermal imaging camera is seen in front of a logo of Ant Group at the headquarters of Ant Group, an affiliate of Alibaba, in Hangzhou, Zhejiang province, China October 29, 2020. PHOTO: REUTERS
BEIJING:
Ant Group Co has agreed a restructuring plan with Chinese regulators under which the fintech giant will be turned into a financial holding company, Bloomberg News reported, potentially a major step towards easing founder Jack Ma’s regulatory woes. The plan calls for putting all of Ant’s businesses into the financial holding company, including its technology offerings in areas like blockchain and food delivery, according to the report, which cited people familiar with the matter. An announcement about the restructuring, which will result in the company being subject to capital requirements similar to those for banks, could come before the start of China’s Lunar New Year holiday on February 11, the Bloomberg report said. An agreement on the restructuring of Ant, an affiliate of e-commerce giant Alibaba Group, would ease investor concerns about a regulatory crackdown on billionaire Ma’s business empire.

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