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1/27, 3:43 PM (Source: TeleTrader)
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Ant to be restructured and supervised by PBoC - report

Alibaba Group Holding Limited's affiliate Ant Group will be restructured into a financial holding company supervised by the People's Bank of China (PBoC), The Wall Street Journal reported on Wednesday, citing unnamed sources with knowledge of the issue.

The plan would need approval from China's Financial Stability and Development Committee, whose chairman is the country's Vice Premier Liu He, the insiders also said, adding that the process could be completed ahead of the Lunar New Year holiday in mid-February.

Previously, Ant's initial public offering (IPO) was reportedly blocked by Chinese President Xi Jinping after its owner Jack Ma blasted the government's financial regulation. Subsequently, the PBoC and other authorities issued orders to Ant to improve regulatory compliance and rectify all business and financial violations.

Breaking the News / MS