Ant Group, founded by Chinese billionaire Jack Ma, is mulling ways to restructure itself as a financial holding company overseen by China’s central bank, reported The Wall Street Journal.
Reports stated that Chinese regulators have asked Ant Group to become a financial holding company. Ant, which is run by Jack Ma through Alibaba, has submitted an outline of a restructuring plan, sources close to the matter told the Journal.
Earlier, Ant group had announced plans for just one of its subsidiaries to become a financial holding. However, now, bringing the whole of Ant Group into one would lead to stricter regulations and is likely to affect the growth of the company.
Earlier, reports from China indicated that the Chinese government may be working on a plan to nationalize Jack Ma’s Alibaba and the Ant Group. China’s ruling Chinese Communist Party (CCP) has gone further ahead with the antitrust investigation into e-commerce giant Alibaba, I B Times reported.