Financial group led by Alibaba CEO is set to turn itself into a financial holding company overseen by China’s central bank.
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Ant Group Co. is planning to turn itself into a financial holding company overseen by China’s central bank, responding to pressure to fall fully in line with financial regulations, according to people familiar with the matter.
Chinese regulators recently told Ant, which is controlled by billionaire Jack Ma, to become a financial holding company in its entirety, subjecting it to more stringent capital requirements, the people said. Ant, in response, has submitted to authorities an outline of a restructuring plan, they said.
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