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Ant Group asked by China to restructure as a holding company

The agreement calls for putting all of Ant’s businesses into the holding company, including its technology offerings in areas like blockchain and food-delivery.

Ant Group Co would be turned into a financial holding company based on a restructuring plan imposed by a Chinese regulator.

The agreement calls for putting all of Ant’s businesses into the holding company, including its technology offerings in areas like blockchain and food-delivery.

An official announcement is set before the start of China’s Lunar New Year holiday which begins on Feb. 11.

Ant Group Co, an affiliate of e-commerce giant Alibaba Group, was set to make its market debut in November.

But a speech by its Ant Group founder Jack Ma criticizing China’s regulatory system led to the suspension of Ant’s $37 billion IPO set for November.

Chinese regulators since warned Ant that they intended to impose tighter regulations on the company.

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