Jack Ma's Ant Group Reaches Deal With China Regulators on Restructuring: Report - watsupptoday.com
Jack Ma's Ant Group Reaches Deal With China Regulators on Restructuring: Report
Posted 03 Feb 2021 03:39 PM

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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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