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Ant Group to Become Financial Holding Company as Part of Alibaba Settlement: Report
The terms of the restructuring are expected to curb the Alibaba affiliate's profitability and valuation.
The People’s Bank of China (PBoC) confirmed Monday that Jack Ma’s giant Ant Group will restructure as a financial holdings company.
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- Ant Group whose $37 billion initial public offering (IPO) was suspended by China’s regulators in November, will restructure as a financial holding company, according to a CNBC report.
- The terms of the restructuring are expected to curb Ant Group's profitability and valuation.
- Two days ago, Chinese regulators hit Alibaba with a $2.8 billion fine as part of its anti-monopoly investigation of the tech giant, claiming the company had abused its market dominance. The restructuring of Ant Group is part of the terms of the settlement of those claims, CNBC said.
- The PBoC said that under a “comprehensive and feasible restructuring plan” Ant Group would cut the “improper” linkage with payments services including AliPay, Jiebei, and Huabei, said the report.
- In February, it emerged Chinese regulators had agreed on a restructuring plan with Ant Group that would combine all its business segments, including its blockchain arm, into a financial holding company, according to a Bloomberg report citing people familiar with the matter.
- Ant Group is known for its major subsidiaries including Alipay and Kakao, but it also has a blockchain arm offering services based on its own AntChain technology.
- The outspoken billionaire Jack Ma is the founder of Alibaba and its affiliate Ant Group, and has been keeping a low profile since October when he publicly criticized China’s financial system and its state-dominated banking sector at a Shanghai event.
- Recently, PBoC Digital Currency Research Institute director Mu Changchun has been openly discussing the central bank's own digital currency and the need to address privacy issues, stating “a completely anonymous central bank digital currency is not feasible” as it would violate anti-money laundering regulations.
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.
