(Reuters) – Ant Group Co. has agreed on a restructuring plan with Chinese regulators based on which the fintech giant will be transformed into a financial holding company, Bloomberg News reported.
The plan calls for all of Ant’s businesses to be included in the holding company, including its technology offerings in areas such as blockchain and food delivery, according to a report posted on Bloomberg’s website.
He quoted people familiar with the matter as saying that an official announcement could appear before the start of China’s Lunar New Year celebration, which begins on February 11th.
Ant declined to comment.
The company, a subsidiary of e-commerce giant Alibaba Group, was due to debut in November. However, an October speech by its founder Jack Ma, in which China’s regulatory system exploded, kicked off a series of events that eventually led to the suspension of the $ 37 billion Ant IPO. .
Since then, Chinese regulators have warned Ant that it intends to impose stricter regulations on the company.
Reporting by Bhargav Acharya in Bengaluru and Yingzhi Yang in Beijing; edited by Edmund Blair