TODAY
January 27, 2021
China’s Ant Group Co Ltd is planning to refashion itself as a financial holding company under the supervision of China’s central bank in the face of regulatory pressure, the Wall Street Journal reported on Wednesday.
The fintech affiliate of Alibaba Group Holding Ltd has submitted an outline of a restructuring plan, which could be finalised before China goes into the week-long lunar new year holiday in mid-February, the Wall Street Journal said, citing sources.
Chinese regulators had asked Ant to consider folding up most of its financial businesses into a holding company that would be subject to more stringent capital requirements, two sources told Reuters in December.
Ant, the fintech affiliate of Alibaba Group Holding Ltd, is in talks with a number of potential buyers in the United States, the FT report said, citing sources. The company planned to secure a sale in the first half of this year, the FT added.
By Reuters Staff
2 Min Read
FILE PHOTO: A logo of Ant Group is pictured at the headquarters of the company, an affiliate of Alibaba, in Hangzhou, Zhejiang province, China October 29, 2020. REUTERS/Aly Song/File Photo
(Reuters) - China’s Ant Group Co Ltd is planning to refashion itself as a financial holding company under the supervision of China’s central bank in the face of regulatory pressure, the Wall Street Journal reported on Wednesday.
The fintech affiliate of Alibaba Group Holding Ltd has submitted an outline of a restructuring plan, which could be finalised before China goes into the week-long lunar new year holiday in mid-February, the Wall Street Journal said, citing sources. (on.wsj.com/3iVfKSX)
By Reuters Staff
2 Min Read
FILE PHOTO: A sign of Ant Group is seen during the World Internet Conference (WIC) in Wuzhen, Zhejiang province, China, November 23, 2020. REUTERS/Aly Song
(Reuters) - China’s Ant Group Co Ltd is planning to sell U.S.-based biometric security firm EyeVerify amid growing tensions between Beijing and Washington over China’s technology companies and tightening scrutiny over U.S. data, the Financial Times reported on Tuesday.
Ant, the fintech affiliate of Alibaba Group Holding Ltd, is in talks with a number of potential buyers in the United States, the FT report said, citing sources. on.ft.com/3plGLkR
3 Min Read
SHANGHAI (Reuters) - Cisco Systems Inc’s purchase of Acacia Communications Inc has been approved by China’s antitrust regulator on condition that the companies ensure fair competition, the watchdog said on Tuesday.
A visitor uses a mobile phone in front of the Cisco booth at the Mobile World Congress in Barcelona, Spain, February 26, 2019. REUTERS/Rafael Marchante/File Photo
The State Administration for Market Regulation’s (SAMR) green light brings the $4.5 billion dollar deal to a close after approval from other countries including the United States.
Network gear maker Cisco first announced its intention to acquire optical components manufacturer Acacia in 2019, looking to capture more business from telecoms companies.