China’s central bank said Ant Group is working on a timetable to overhaul its business while ensuring operations continue, according to Bloomberg. Regulators are in close contact with the special team at Ant that is drafting plans and timetables to rectify its operations.
- The message by People’s Bank of China underscores Beijing’s determination to rein in billionaire Jack Ma’s sprawling business.
- Uncertainty has gripped global investors over the future of the world’s largest fintech firm since the government abruptly halted Ant’s $35 billion initial public offering in November.
- In December, Chinese authorities came close to directly asking for a breakup of Ant.
- Ant planned to fold its financial operations, including its consumer credit offerings, into a holding company that could be regulated like a bank.
- Chinese regulators are also considering plans to force Ant to divest its minority investments in some financial companies.
Alibaba stock is currently gaining. 9988: HKG is up 2.55%
