Jack Ma's Ant Group Reaches Deal With China Regulators on Restructuring: Report
03-February-2021
Ant Group Co has agreed on a restructuring plan with Chinese regulators under which the fintech giant will be turned into a financial holding company, Bloomberg News reported.
The plan calls for putting all of Ant�s businesses into the holding company, including its technology offerings in areas like blockchain and food-delivery, according to a report posted on Bloomberg�s website.
It cited people familiar with the matter as saying that an official announcement could come before the start of China�s Lunar New Year holiday which begins on Feb. 11. Ant declined to comment.
The company, an affiliate of e-commerce giant Alibaba Group, was set to make its market debut in November. However, an October speech by its founder Jack Ma in which he blasted China�s regulatory system kicked off a series of events that eventually led to the suspension of Ant�s $37 billion IPO.
Chinese regulators since warned Ant that they intended to impose tighter regulations on the company.
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