WSJ: China’s Ant Group plans revamp amid regulator pressure

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IslamNews – 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 (NYSE:BABA) 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. (https://on.wsj.com/3iVfKSX)

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.

The country’s central bank, People’s Bank of China, has said Ant controls a range of financial institutions, including securities and insurance firms, and should set up a holding firm according to law.

Chinese regulators in November abruptly halted Ant’s $37 billion initial public offering in Shanghai and Hong Kong, which was set to be the world’s largest.

Source : Reuters

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