Ant Group, a unit of Chinese e-commerce giant Alibaba, is considering incorporating most of its Internet finance business into a holding company, including its consumer lending business, Reuters said on Tuesday, citing two unnamed people familiar with the matter.
China’s central bank responded on the same day that Ant Group, which already substantially controls a number of multi-category financial institutions such as securities companies and insurance companies, should set up a financial holding company in accordance with the law, and that Ant Group is currently working on a plan to do so.
Chinese regulators have asked Ant Group to incorporate its wealth management and insurance distribution businesses, as well as its minority stake in Netshang Bank (MYbank), into a financial holding company, the report said, citing one of the people familiar with the matter. It’s unclear to outsiders whether the Alipay business will also be incorporated into this company.
Early last month, Chinese regulators called off Ant Group’s plans to list in Shanghai and Hong Kong. The central bank recently said they have asked Ant Group to overhaul its credit and other consumer finance businesses.
Recent Comments