Ant Group reaches deal with China regulators on restructuring

Ant Group Co has agreed a restructuring plan with Chinese regulators under which the fintech giant will become a financial holding company, a person with direct knowledge of the matter said, potentially easing founder Jack Ma’s regulatory woes.

The plan calls for putting all of Ant’s businesses into the holding company, including its payment processing and technology offerings in areas like blockchain and food delivery, the person said, declining to be named due to confidentiality constraints.