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Jack Ma’s Ant Group Agrees to Restructure After Pressure From China’s Regulators: Report
Regulators have been clamping down on Ant Group, even cancelling its expected $35 billion twin IPO late last year.
Chinese regulators have agreed on a restructuring plan with Ant Group that will combine all its business segments, including its blockchain arm, into a financial holding company.
STORY CONTINUES BELOW
- As a financial holding company, Ant would be subject to capital requirements like those for banks, according to a Bloomberg report citing people familiar with the matter.
- The group had previously proposed only including its financial segments in the holding company.
- An official announcement on plan is expected before the start of China’s New Year holiday on Feb. 12.
- The restructure is part of a Chinese government campaign to increase supervision of the fintech sector.
- In November, Ant Group’s expected $35 billion initial public offering was suspended on both the Shanghai and Hong Kong stock exchanges supposedly due to changes in China’s regulatory environment for fintech firms.
- Jack Ma, who founded Alibaba and its affiliate Ant Group, had been keeping a low profile since October when he criticized China’s financial system and its state-dominated banking sector at a Shanghai event.
- Ant Group has its own blockchain, AntChain, building off it to launch a cross-border trading platform in September.
Read more: Jack Ma’s Ant Group, 3 Other Digital Banks Get OK to Operate in Singapore
Tanzeel Akhtar
Tanzeel Akhtar has contributed to The Wall Street Journal, BBC, Bloomberg, CNBC, Forbes Africa, Financial Times, The Street, Citywire, Investing.com, Euromoney, Yahoo! Finance, Benzinga, Kitco News, African Business Magazine, Hedge Week, Campden Family Office, Modern Investor, Spear's Wealth Management Magazine, Global Investor, ETF.com, ETF Stream, CIO UK, Funds Global Asia, Portfolio Institutional, Interactive Investor, Bitcoin Magazine, CryptoNews.com, Bitcoin.com, The Local, The Next Web, Mining Journal, Money Marketing, Marketing Week and more. Tanzeel trained as a foreign correspondent at the University of Helsinki, Finland and newspaper journalist at the University of Central Lancashire, UK. She holds a BA (Honours) in English Literature from the Manchester Metropolitan University, UK and completed a semester abroad as an ERASMUS student at the National and Kapodistrian University of Athens, Greece. She is NCTJ Qualified - Media Law, Public Administration and passed the Shorthand 100WPM with distinction. She does not currently hold value in any digital currencies or projects.
