Jack Ma's Ant Group reportedly plans to transform into a financial holding company overseen by China's central bank
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Chinese regulators ordered the restructure, the sources said.Visit Business Insider's homepage for more stories.Ant Group, the financial-services company founded by Chinese billionaire Jack Ma, plans to restructure itself as a financial holding company overseen by China's central bank,
The Wall Street Journalreported Wednesday.One person familiar with the plan told the Journal that the move would give regulators oversight of all Ant's activities. Ma's business empire, which he controls through the conglomerate Alibaba, has come under increasing scrutiny from Beijing in recent months.
Ant hadpreviously announced plansfor just one of its subsidiaries to become a financial holding company. Turning the whole of Ant into one would mean it faced stricter regulations, similar to those that the country's banks have to follow, and would affect its growth. headtopics.com
Chinese regulators told the company to become a financial holding company, prompting Ant to draw up the plan, people familiar with the matter told The Journal. The plan could be finalized by mid-February, the people said.This comes months after Ant's initial public offering, set to be the biggest ever,
in Shanghai and Hong Kong following a meeting between Ma and Chinese regulators. In late December, China's central bank and three financial watchdogs said they wouldfor its banking services. Read more: Business Insider »
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