(Reuters) -Ant Group Co has agreed on a restructuring plan with Chinese regulators under which the fintech giant will be converted into a financial holding company, Bloomberg News reported.
The plan is to house all of Ant’s businesses in the holding company, including its technology offering in areas such as blockchain and food delivery, according to a report on Bloomberg’s website.
It quoted people familiar with the matter as saying that an official announcement could come before the start of the Chinese New Year holiday, which begins February 11.
Ant declined to comment.
The company, a subsidiary of e-commerce giant Alibaba Group, was set to make its market debut in November. However, an October speech by founder Jack Ma destroying China’s regulatory system sparked a chain of events that ultimately led to the suspension of Ant’s $ 37 billion IPO.
Since then, Chinese regulators have warned Ant that they intended to impose stricter regulations on the company.
Reporting by Bhargav Acharya in Bengaluru and Yingzhi Yang in Beijing; edited by Edmund Blair