China’s Ant Group said to plan revamp amid regulatory pressure

Bengaluru: China’s Ant Group Co. Ltd is planning to refashion itself as a financial holding company under the supervision of China’s central bank in the face of regulatory pressure, the Wall Street Journal reported on Wednesday.

The fintech affiliate of Alibaba Group Holding Ltd. has submitted an outline of a restructuring plan, which could be finalised before China goes into the week-long lunar new year holiday in mid-February, the Wall Street Journal said, citing sources.