(Reuters) -Ant Group Co. has agreed a restructuring plan with Chinese regulators under which the fintech giant will become a financial holding company, Bloomberg News reported.
According to a report posted on the Bloomberg website, the plan envisions incorporating all of Ant’s business into the holding company, including its technology offerings in areas such as blockchain and food distribution.
He quoted people familiar with the matter as saying that an official announcement could arrive before the start of China’s Lunar New Year holiday, which begins on February 11th.
Ant declined to comment.
The company, affiliated with e-commerce giant Alibaba Group, would debut in the market 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 IPO. .
Since then, Chinese regulators have warned Ant that they intend to impose stricter regulations on the company.
Reports of Bhargav Acharya in Bengaluru and Yingzhi Yang in Beijing; edited by Edmund Blair